When a car is involved in an accident, its depreciation rate can increase by 10 to 25 percent compared to its normal rate. This is the difference between the value of the car before and after the accident, before any repairs have been made. This type of reduced value is rarely used in insurance claims, as companies usually repair the car immediately after an accident. However, filing a reduced value claim may allow you to recover part of the car's depreciated value.
To accurately estimate the depreciation rate after an accident, you need to understand the formula for diminished value of 17c. This formula takes into account factors such as the age of the vehicle and its condition after the accident.
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