what is a fair price for depreciation after an accident?
Free Insurance Quote Comparison
Secured with SHA-256 Encryption
UPDATED: Feb 16, 2012
It’s all about you. We want to help you make the right legal decisions.
We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about legal topics and insurance. Our goal is to be an objective, third-party resource for everything legal and insurance related. We update our site regularly, and all content is reviewed by experts.
Insurance Question from Rockingham, NC
Asked on 02/16/2012
what is a fair price for depreciation after an accident? 2005 Titan king cab 4x4 fully loaded, after market wheels and supreme sound system, dvd player, 55K original miles. Insurance damage was $7,300. Blue book value $16,377.
Answer given on February 19, 2012
If the car was damaged due to an accident, and the value of the car is substantially higher, then the insurance company will pay for the repairs to the vehicle. The after market wheels, if damaged, will be covered for repairs if you can prove the value of them. The sound system too should be covered.If the car was vandalized, then the insurance company may depreciate the property that was damaged. Depending upon when the stereo system was installed, there could be some depreciation. The wheels most likely will not be depreciated.You should talk to the adjuster and see what the initial offer is for the damages to the vehicle. The depreciation is usually only taken on aftermarket property, and not factory installed. Many insurance companies will not take depreciation on property that was properly installed in the vehicle, even if it was aftermarket, but simply pay to replace the damaged or stolen items.
IMPORTANT NOTICE: These answers are for general information purposes only and are provided by the person answering and FreeAdvice.com AS IS. It has not necessarily been reviewed by the management staff of FreeAdvice.com nor is it binding any insurance agent, broker, or other insurance professional or any attorney or insurance company. Insurance laws, regulations and practices vary from state to state and insurance policies and practices differ from company to company, by type of policy, by state and locality and by type of insurance. Tiny variations in the facts, policy language or a detail not set forth in a question often can change the outcome or a professional's conclusion. Although FreeAdvice.com has confirmed that the answer(s) was/were provided for the account of an experienced insurance professional, that professional may not be licensed in the state referred to in the question, and may not be experienced or up to date in the subject area. Unlike the answers provided here, upon which you should NOT rely, for personal advice you can rely upon we suggest you consult a licensed insurance professional in your area or retain a licensed attorney listed on AttorneyPages.com to represent you.