There are several factors to consider when preparing a car accident property damage claim. Working with an experienced personal injury lawyer who understands property damage law in New Mexico is your best chance for recovering the maximum damages available under the law.
Diminished Value
Any time your vehicle is involved in an accident that involves damages covered by an insurance company, you experience a loss in market value. Known as diminished value, any repairs made to your automobile are recorded as part of its CARFAX history. When you go to resale your auto or trade it in, you’ll get less for it because of the previous damage, even though it was repaired.
Loss of Use Costs
When you’re busy worrying about whether your injuries might keep you from working, you probably aren’t thinking about how you will get to work now that your car is damaged. When your vehicle is damaged because of someone else’s negligence and undrivable, how do you get around?
Loss of use costs can be included in any car accident property damage claim if your vehicle is inoperable for any period. The compensation you can receive goes beyond the cost of a rental car. Ask us how.
Repair Costs
If your vehicle isn’t a total loss and can be reasonably repaired, you can request the full amount for the repairs. Some insurance companies only pay a percentage of the cost of repairs, which can leave you with the balance. Never pay out of pocket when this happens. Consult an experienced property damage liability lawyer to hold the at-fault party responsible for the difference.
Total Loss Value
Insurance companies must pay the current market value for your vehicle if it’s a total loss. Unfortunately, that’s not always enough to cover the costs of getting a replacement. A skilled property damage liability lawyer can negotiate with insurance companies for fair compensation. When insurance companies don’t agree to pay more, you can file a car accident property damage claim against the at-fault party.