What is a Loss of Value Claim in Traffic Accidents?

Vehicle Value Loss in Traffic Accidents: How to Get Compensation?

Traffic accidents are unwanted situations that negatively affect us all. No matter how well your vehicle is repaired after an accident, it is inevitable that it will lose value in the second-hand market after being labeled as a "wrecked vehicle". So, how can you get your loss of value in such a case? In this article, we have explained the process from the insurance company to the court in the simplest and most understandable way for you.

What is Impairment and Why is it Important?

The decrease in the second-hand value of your vehicle after a traffic accident, even after it has been repaired, is called "loss of value." For example, a vehicle that has never been in an accident can find a buyer at a higher price, while a vehicle that has been in an accident loses this chance. This is where loss of value compensation comes into play. If you are the party that is at fault or less at fault in the accident, you can claim this loss of your vehicle from the other party's insurance company.

What is Required to Receive Loss of Value Compensation?

If you want to claim the loss of value of your vehicle, you need to pay attention to some important points:

1. Defect Status:

   • In order to claim compensation for loss of value, you must be completely at fault or less at fault in the accident.

2. Vehicle Age and Mileage:

   • Younger vehicles with low mileage tend to lose more value. For example, a vehicle that is 3 years old and has 50,000 kilometers will lose more value than a vehicle that is 10 years old and has 200,000 kilometers.

3. Insurance Policy:

   • The compulsory traffic insurance of the party at fault in the accident is obliged to pay this compensation.

     
     

Application Process: From Insurance Company to Arbitration Commission

We have listed the steps you need to follow to receive loss of value compensation below:

1. Application to Insurance Company:

   • After an accident, you can apply to the other party's insurance company for loss of value compensation. To do this, you need to have the accident report, expert report and repair invoices ready.

   • Upon your application, the insurance company sends an expert to calculate your loss of value.

2. Objection to the Insurance Company's Decision:

   • The insurance company will often underpay your claim or reject your claim. If this happens to you, there are other ways to pursue your rights.

3. Insurance Arbitration Commission:

   • If you are not satisfied with the decision of the insurance company, you can apply to the Insurance Arbitration Commission . This commission is an independent body established to resolve insurance disputes. Applications are usually concluded within 4-6 months and are resolved at low costs.

4. Competent Court:

   • If you cannot get the result you want from the Arbitration Commission, you can apply to the competent court and file a lawsuit. This process may take longer than the other stages, but working with an expert lawyer will give you a great advantage in this process.

     
     

How to Calculate Loss of Value?

Loss of value is calculated based on the model, age, mileage and size of the accident. However, insurance companies may want to pay less than your actual loss. Therefore, it is very important to get support from an expert lawyer.

Why Do You Need a Lawyer to Claim Loss of Value Compensation?

Although you can apply to your insurance company individually to receive a loss of value claim, the process is often more complicated than expected. The process can get bogged down when documents are missing or when the insurance company rejects your claim.

As Fulya Law Firm, we offer you professional support in your loss of value compensation cases arising from traffic accidents. We are with you at every stage from insurance applications to arbitration processes and courts.

Contact Us for More Information

If you are looking for an easy and fast way to get your loss compensation, you can contact us. Follow our social media accounts or visit our website for detailed information. We are here to protect your rights!