Can I Claim Depreciation Costs for a New Car Damaged Within Three Months?
2 Answers
If a new car is damaged in an accident within three months and its value decreases after repair, you can claim depreciation costs, but sufficient evidence is required. If the other party refuses to compensate, you can seek compensation through litigation in a People's Court. The depreciation compensation can be calculated by an authorized price appraisal center. Insurance companies typically do not cover depreciation costs, so negotiation with the at-fault party's car owner or legal action is necessary. The calculation method for vehicle depreciation is as follows: Determine the estimated residual value of the vehicle: Generally calculated at a 5% residual rate. Determine the depreciation method: Use the straight-line method. Calculate depreciation: Apply the straight-line method.
After a new car is involved in a collision within three months, its value will definitely decrease, which is the concept of depreciation cost. I have observed many similar cases where accident records make it difficult for the car to fetch a high price in the second-hand market. The repair costs covered by insurance only address the surface issues and do not compensate for this loss. If you have confirmed the other party as the at-fault driver, you can try to claim additional compensation. The steps include hiring a professional agency to assess the depreciation caused by the accident, providing transaction records to prove the original value, and then negotiating with the at-fault party's insurance company or filing a lawsuit. I recommend handling this matter as soon as possible and not delaying it, as evidence can easily be lost over time, and the depreciation amount may also increase.
