Does a vehicle lose its value when in a accident but not in a major accident?

Question

a drunk drive backed in to my car while it was parked and then took off. Now my insurance is mentioning deminished value?

No... my car has over 2000.oo worth of damages

Answer 1

not if the repairs have been completed.

There should not be any deminished value on your car, you should get what others are asking for similar vehicles when you are ready to sell.

Answer 2

Even if your car didn't meet with an accident, it's value will drop
every year and how much lost-in-value will depend on the
type, make and popularity of the car.
In your case, if the accident is minor and the repair done is
good quality, your car's value wouldn't be affected, but it will
be subjected to yearly depreciation.
Once your car is involved in a major accident, you can claim
total loss under first party policy (comprehensive type) from
your Insurance Company, who will pay you about 80% value
of the current car market value, when they have completed
their final investigation and assessment. This may take at
least 6 months, depending on which Insurance Company.

Answer 3

A vehicle does lose its value when involved in a MVA (accident), however the differance is minor or major depending on the quality of repairs and workmanship after the vehicle has been in for repairs.
A major accident has to be declared upon selling the vehicle and minor if repaired correctly can sometimes go undected to a normal eye!

Answer 4

I would say yes, because as soon as your car has left the garage it has lost value on it, so if u have an accident in the car it is going to lose value on it cos u will have to tell the next owner if u sell it that it has been in an accident so my answer is yes.

Answer 5

No not at all..
If vehicle has gone thru any accident it'll not loose it's value
Only thing u've to look is vehicle should be repaired at place where all precautions will be taken care while repairing. Obviously it must be authorised garage.

Then major damage vehicle also wont loose it's value.

Answer 6

No .... But an insurance company will use anything possable to make more money!!! You pay more...They get more...you get less ...Don't make a claim unless you must....even when your not at fault.....And NO vehicles don't lose value to us...only to them!!! They give you less for it now - and charge you more(you are high-risk now!) But like anything else...it's only worth what someone will pay ya for it!!!

Answer 7

it depends on the damage...was it a scratch?