When you get into a car accident, the overall value of your car drops significantly. How much it declines depends on how severe the accident was. In order to recoup the loss in value of your car, you can file a claim with the insurance company of the driver who is at fault. However, this can be difficult to do if the driver is uninsured. As a result, you will have to sue the uninsured driver. If this is handled carefully, you can recover the amount in value you lost as a result of the accident. Therefore, use these tips when suing the uninsured driver for the diminished value of your car.
Determine the Value of Your Car
The value of your car depends on a number of factors, including how new it is, how many accidents it has been in and how much you paid for it. If your car is only a few months old, the value of the car will not be determined by how much you paid for it at the time. This is due to the fact that your car automatically decreases in value the moment it is driven off the lot. Therefore, you have to look at the value of the car once you drove it home. One way to get an accurate value of your car is by hiring an appraiser.
Coordinate with Your Insurance Company
In the event of a car accident, you can only sue the driver for damages once. Therefore, if your insurance company is attempting to collect damages from the driver you want to make them aware of your diminished value suit. If your insurance company files a suit before you have the chance to, then you will not be able to file another suit against the driver. This is due to the fact that you give your insurance company the right to represent you in the event of an accident.
Avoid Suing If the Value Is Minimal
In many cases, there is a financial reason behind why a person does not have car insurance. As a result, if you decide to sue the driver for the diminished value of your car, they may decide to file for bankruptcy. Once the driver files for bankruptcy, you will lose any chance you had of receiving this money. Therefore, unless the diminished value is large, you should avoid adding this to your lawsuit.
Suing a driver that is uninsured can be difficult to deal with. Therefore, use these tips the next time you decide to sue an uninsured driver for the diminished value of your car. For more information, talk to a personal injury lawyer.