This analytical tool provides an estimated monetary loss to a vehicle’s market worth following its repair after sustaining damage in an accident within a specific geographic location. This loss in market value, regardless of the quality of repairs, stems from the stigma associated with having been involved in a collision. An example of its use would be determining the decreased resale price of a car, which has been professionally repaired after a fender bender that occurred within state boundaries.
Understanding the financial implications of a vehicle’s accident history is significant for both vehicle owners and insurance companies. The ability to quantify this reduction in value allows for fairer settlements and informs decision-making during insurance claims. Historically, calculating this loss has been a complex process, often reliant on expert opinions and appraisals. This tool aims to streamline this process, providing a more objective and accessible valuation.
