What Auto Insurance Covers
If you’re hit in an accident, the at-fault party’s auto insurance company is responsible for getting your vehicle back to pre-accident condition by making any necessary repairs. However, even if your vehicle is restored to its pre-accident condition, it may not be restored to its pre-accident value. In other words, if you were to sell your vehicle, you may receive less money for it simply because it now has an accident in its history, especially if that was its first and only accident. This is called “diminished value.”
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Where Does Compensation Come From?
If you are in an accident and the other person is responsible for the collision, you may be able to collect compensation for diminished value from their insurance company as part of the claims process. Note that because diminished value is almost impossible to prove, however, it may be a challenge to actually receive any compensation.
It’s also important to note that in most states, including Nevada, you cannot collect diminished value from your own insurance company. In fact, your insurance policy may specifically state that you are not entitled to compensation for diminished value. So, even if it could theoretically be proven that your car is indeed worth less than it was prior to the accident, you would not be entitled to a payout from your insurer.
Let Nevada Insurance Enrollment Guide You
Wondering what you should expect from your insurance company in the event of an accident? Your auto insurance agent can help you review your policy and ensure that your coverage meets your unique needs.
Related Articles:
♦ What Does the Term Betterment Mean in Auto Insurance?
♦ I Was in an Auto Accident! What Am I Owed?
♦ What Affects the Value of Your Vehicle in a Total Loss
♦ Actual Cash Value vs. Replacement Cost in Auto Insurance
Read More: Auto Insurance in Las Vegas, Nevada
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DISCLAIMER: It is important to note that the information contained herein is made general for the purpose of explanation. You should consult your policy for exclusions or other language that may alter your policy.
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