If someone accidently hits your car, can you claim the depreciation on a car from the time you bought it?

Question

Or can you only claim the depreciation from the time of accident to the time of award?

Answer 1

if its insurance, or you paying the one that was hit or vice versa there is no claim of any depreciation, wat is the issue? it is indemnity, give waht is due to the person, if someone has destroyed whether willfully or accidentally a property of another, one has the right to ask for indemnity... that is compensatory.. meaning u pay the damage that was caused by the act... as part of torts ...

Answer 2

The only way you can claim depreciation on a car is if you use it for business.

If you have insurance and the car is covered against comprehensive loss you can make a claim.

Some states might allow you to make an insurance claim for the difference if you trade in a car and you are given a lower value because the car was damaged. You have to note that when you trade it in or sell it and sometimes they do deduct for previous damage.

But, some insurance companies have an exlusion in their policy to prevent that, so you have to try a claim to find out.

Hope that helps

Answer 3

The depreciation will be calculated based on the car's make, mileage and model year. Basically it will be the blue book value at the time immediately prior to the accident.

When you bought the car doesn't really matter.

If you have a collector car with a specific value set then it may be another story.

Check the wording in your policy if you feel the insurance company isn't treating you fairly. If it doesn't add up, seek legal advice.

Answer 4

I believe it's only fair if you reclaim a part of the depreciation from the time of accident to the time of award.

Answer 5

From the time of the accident. The insurance company will only pay out what the car is worth now (Actual cash value) unless otherwise stated. You will recieve no further gain of money in your claim.

Answer 6

i'm not understanding this. Is there an insurrance claim involved? Insursance claims don't count the damage against you. If you don't repair the damage, selling the car or trading it in will be harder and you won't get the same cash value out of it as if it weren't hit.

I hope that helps.

Answer 7

from the time your vehicle leaves the lot it is considered a used car and the total depreciation time will start from there

Answer 8

the value of a repaired motor vehicle, exceedingly with Carfax reviews being so commonly used is decrease than the value of the motor vehicle in simple terms before the wear! you ought to have the capacity to be paid for the loss in value. you could ought to hire a criminal expert to accomplish that, however the value distinction may be countless thousand funds!!

Answer 9

The person accidentally hitting your car probably pays for the damages. However, this situation should not be exagerated and exploited. One should stay within reasonable limits.

Answer 10

Did you have an expensive car? Your policy should have made a provision for replacement value vs. actual cash value.