How Much Does a Car Depreciate after a Crash in Las Vegas?

Las Vegas car crash

There are many dangers you can face in a road accident; when it comes to a Las Vegas car crash, there are also several concerns with your government, your police department, and your insurance policy among other things. For the citizens of Las Vegas and Nevada, the growing number of cars, trucks, and motorcycles on the roads and highways means that there is also a rise in the number of accidents. Millions of dollars are lost every year apart from the countless lives lost, and it is important to know how you can protect yourself and your family from it.

How Does Your Car Depreciate Over Time?

Depreciation is a word used in economics and accounting which tells us how the value of something decreases over a period of time. Based on a wide range of factors, everything we own gets cheaper and cheaper over time due to wear and tear, and because of any damages incurred. Automobiles are no different; in fact, your car is most likely to depreciate much faster as compared to other high-value assets that you own.

That are several factors that contribute to the depreciation in value of your car, and some of these include:

  • Car Crash:

One of the fastest ways that a car loses value is a car crash; the more your car is damaged, the more value it loses. New buyers are less inclined to buy cars that have been in accidents, and even the best repairs cannot return value to your car. As an example, a luxury car will lose more value if it is caught in a car accident, and a regular car may be perceived as less reliable by new owners.

  • Model, Make, and Age:

The technical specifications of your car can also be used to calculate depreciation of value. Some brands depreciate slower, and the year of your car’s manufacture also determines how old it is. Models and makes are also an essential measure. Additionally, the age must also include the total miles the car has traveled.

  • Maintenance:

A record of repairs and maintenance can help you determine the current value of your car and how much value it has lost with each repair.

  • Number of Owners:

The more owners a car has had, the more its value depreciates over time, and new buyers become increasingly hard to find.

Based on these factors and more, you can determine the value of your car at any time. In the case of a car crash, your car is sure to lose value, based on the extent of damages. Knowing and calculating the total difference in your car’s value can be instrumental in making sure that you are compensated fairly if someone else’s negligence on the road caused harm to you, your car, and to public safety at large.

What You Need to Know About Liability in a Las Vegas Car Crash:

If you are caught in a car crash in Las Vegas, Nevada, you can face a range of issues. The biggest concern from a humanistic point of view is making sure that everyone involved is safe, and in the case of injury or loss of life, the required medical facilities are availed. For many people, this means a huge medical bill.

The next concern is financial damages to your car, which can build up high-value bills for auto repairs, insurance claims, and money lost because your car is not on the road for a period of time following the accident. Additional costs can also include legal fees and liabilities, and if your car is absolutely destroyed, you will need a replacement as well.

In a Las Vegas car crash, the weight of compensation on all the costs highlighted above falls on a police and legal investigation that tells you who was at fault in the accident. Hence, it falls on one party to pay compensation claims and also builds your case when facing a hardline insurance policy that might intend to exploit you; when dealing with the losses you face due to another party’s fault, you will need a good lawyer who protects all your interests, including financial, emotional, and future costs.

Find Help from the Top Lawyers in Las Vegas, Nevada:

The Christian Morris Trial Attorneys law firm provides experienced and aggressive attorneys that are here to help with the consequences of a Las Vegas car crash, and are committed to making sure you are protected and compensated as per the law. Contact us today and protect yourself and your family.