Auto Industry Biggest Secret

The biggest secret of the auto industry is the Diminished value cars. These diminished value cars are very less in value and that is where they gain the profits when they insurance agents force the car owners to keep paying their insurance even though the car has lost its original worth. The owners of the diminished value cars do not know that when they would try to sell their car, they would face a lot of loss.

With the passage of time people learnt that most of the insurance companies are gaining more than seventy percent of their profit by getting paid for the diminished value cars insurance which does not actually matter any more. There are several companies who have taken out such points that go against the insurance companies and any one who wants to take the help of any kind of lawyer they can claim a very good percentage of the loss they were going to bear all by themselves.

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There are a few things that one has to keep in mind when your car goes through an accident;

i)       When the car goes through an accident its original value goes down and it is termed as a diminished value car. If the cars bumper or lights have suffered then there is no issue but if the body has been banged up badly then there is no chance that you might be able to sell the car at the same rate as it was being offered before the accident.

ii)     The car would be a diminished value car even if it is worked upon beautifully by the mechanics and painters. Such technology is present now that the car looks as new as it was before but software called CARFAX has all kinds of vehicle history reports and the details about any car can be learnt from it.

iii)      The Diminished Value car claim can be easily made to the insurance agent of the car driver who is at fault. The insurer has to pay for both the cars especially the one who is not at fault but this can only be done if the person whose car has been banged knows about this rule.

iv)        There is no need to pay the insurance of the car that has been termed as a diminished value car and it is good to sell the car as soon as possible so that there is no problem of the car getting banged up again and losing more value.

A big survey has been done and it has been said that most people do not like to buy cars that have been termed as diminished value cars and they prefer an older car which has never been in an accident over a car that is a diminished value car. The reason for this is that no one actually knows the condition in which the car was after the accident and how much repair of the parts inside the car have been done and if it would cost them more if it troubles the engine or other parts later.