Even if the physical damages to the vehicle after traffic accidents are repaired, the second-hand market value of the vehicle usually decreases. This decrease is due to the lower price offered by buyers due to the damage record of the vehicle in the past. This difference is called vehicle depreciation.
Drivers who are not at fault for an accident have the right to claim compensation for the loss of value. However, many vehicle owners are unaware of this right or cannot get results because they do not apply correctly.
What is Vehicle Value Loss?
Vehicle depreciation refers to the decrease in the second-hand market value of a vehicle that has been damaged and repaired after a traffic accident. Even though the vehicle has been restored and all repairs have been completed, the fact that it is now registered as “accident” creates a negative impression for buyers. This results in the vehicle being sold at a lower price than a vehicle with similar characteristics but without any accidents.
In particular, heavy damage records such as part replacement, paint work, chassis correction damage the perception of safety and performance of the vehicle. For this reason, vehicle owners have the right to claim the loss of value from the insurance company of theat-fault party. This compensation is legally guaranteed under the Turkish Code of Obligations and the Road Traffic Law.
To summarize; vehicle depreciation provides compensation not only for physical damage, but also for commercial loss. It is of great importance for vehicle owners to know this right and to claim it when necessary in order to prevent victimization.
Who Can Make a Vehicle Value Loss Claim?
In order to claim compensation for loss of value, some basic conditions must be met:
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You must be at fault or less at fault in a traffic accident.
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The accident must be documentedin the accident report.
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The vehicle must be registered and insured.
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The value of the vehicle must have been materially reduced due to the damage (especially in cases such as heavy damage, painting, replacement of parts , etc. ).
If the vehicle owner meets these conditions, he/she can make a claim for loss of value from the insurance company. In this process, it is very important that the necessary technical assessments are made by experts. At this stage, we support our clients in following the process from start to finish and calculating the compensation correctly.
How to get compensation for loss of vehicle value?
Documenting the Accident
The first step is to collect the accident report, photographs, expert report and repair invoices. These documents are the basis of the application.
Application to the Insurance Company
Ifthe accident is covered by the other party’s traffic insurance, an application is made to the insurance company ofthe at-fault driver. The application petition must include vehicle information, accident report and value loss report.
Preparation ofExpert Expertise Report
The file to be submitted to the insurance company must include a technical report prepared by a vehicle depreciation expert. This report reveals the difference between the market value of the vehicle before and after the accident.
Insurance Company Response
The insurance company evaluates the application and, if deemed appropriate, pays the loss in value. However, these claims are often either rejected or offered a low amount.
Arbitration or Litigation
If there is no satisfactory response from the insurance company, an application can be made to the Insurance Arbitration Commission. This is both fast and inexpensive. Alternatively, it is also possible to file a lawsuit at the Consumer Court.
Things to Consider
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The claim for loss of value compensation must be made within 2 years. Otherwise, the right is forfeited.
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Application documents must be prepared in full.
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Obtaining a professional report before the application to the insurance company strengthens the process.
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If the vehicle has been previously damaged, this may affect the amount of depreciation.
Small mistakes in the process may result in no or low compensation. It is therefore advisable to seek legal advice.
Claiming compensation for a vehicle that has lost value as a result of a traffic accident is a legal right in the Turkish legal system. Even if your car has been repaired, the loss of market value should be covered by the insurance company.
As Attorney Atakan Ayhan, we provide effective legal support both during the application process and possible judicial stages in order for our clients to receive the compensation they deserve in vehicle value loss cases.
Contact Us
If you are having problems with the insurance company due to loss of vehicle value or if your application for compensation has been rejected, we can evaluate the most appropriate solutions for you together.
You can contact us for detailed information and professional support on loss ofvalue compensation.
