Types of Auto Recovery Claims
In the event of damage to your high-end vehicle, there are various types of auto recovery claims you can file to help recoup your losses. Learn about these types below, and contact SuperCarClaims.com to work with an experienced luxury car claim lawyer who can help you navigate the claims process and maximize your compensation.
Types of Auto Recovery Claims
01
Diminished Value
Diminished Value claims refer to the reduced market value of your luxury vehicle, after damage has been repaired. It is based on the idea that, even with expert repairs, your vehicle can not be returned to perfect condition. Types of diminished value claims include immediate value loss, inherent value loss, and repair-related value loss.
02
Loss of Use
Loss of Use claims are intended to cover the loss of use of your vehicle, while it is being repaired. Regardless of whether or not you rent a temporary vehicle, you are entitled to recover the daily rental rate of a vehicle “comparable” to your luxury vehicle. This rate is compounded during the time your damaged vehicle is being repaired.
03
Total Loss
Total Loss claims are made in instances where the cost of repairing your luxury vehicle is 80% or more of its total market value or where no amount of repairs will return your vehicle to a safe and drivable condition. When this happens, you may be entitled to recover the actual cash value of your supercar or a replacement vehicle of like kind and quality.
Different Types of
Diminished Value Claims
The goal of a diminished value claim is to compensate you for the lost market value of your vehicle, even in instances where it has undergone high-quality repairs. There are three forms a diminished value claim can take:
- Immediate diminished value: Compensation for the lost market value of your vehicle, after it incurs damage and before it is repaired.
- Inherent diminished value: Compensation for the general lost resale value of your high-end vehicle, due to it now having a history of damage and repairs.
- Repair-related diminished value: Compensation for lost value after both the damage-causing incident and subsequent repairs.
For these and other types of auto recovery claims, we recommend working with a SuperCarCaims.com attorney who specializes in luxury, exotic, rare, and collectible vehicles so you can maximize your settlement and recover the value you deserve.
How Cars Get Damaged
How much does a car depreciate after an accident? It depends on the type of accident that has occurred, its severity, and the original value of the vehicle. Some of the most common ways for your supercar to be damaged include:
Towing
Improper towing practices can take a toll on your luxury vehicle, resulting in significant damage to your car’s undercarriage and/or alignment and a direct impact on driving safety and performance.
Storage
While in storage, your rare, collectible, or exotic vehicle may incur scratches, dents, or exposure to elements that deteriorate its condition and leave you with steep and unexpected repair costs.
Shipping/Transport
During transport, your supercar could be scratched, dented, or incur serious structural or mechanical damage, especially if it is improperly handled at any point throughout the shipping process.
Accident
Accidents are the most common cause of luxury vehicle damage, ranging from minor collisions and fender benders to severe wrecks and total car loss, as well as lost value due to insufficient post-accident repairs.
Contact Us
SuperCarClaims.com is a division of the Gordon & Partners, P.A. law firm with over 120 employees, which has been in business for over 30 years.
We have a team of attorneys and appraisers who specialize in high-value vehicle damage claims and understand the many complexities involved in recovering your losses after damages to your rare, exotic, collectible, sports car or otherwise high-end vehicle. To get more information from our team regarding how we can help you, fill out our contact form to consult with an attorney about your possible diminished value claim. It will cost you nothing to do so, as we don’t get paid unless we WIN for you.
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