If you live somewhere where hail storms are more common, hail damage is a fact of life. More than a million hail damage insurance claims are made each year in the United States.
In the long term, unrepaired hail damage may cost vehicle owners more money than it costs to repair. Hail may do a surprising amount of harm at times. Regardless of how it was caused, damage to a car will harm the vehicle’s value when it’s time to sell. However, how much of a loss does an automobile suffer due to hail damage?
Does Car Hail Damage Affect the Trade-in Value?
Depending on the severity of hail damage, a vehicle owner’s reimbursement may be affected. Hail damage affects a car’s resale value in various ways, from a few dings to shattered windows and a ruined body.
It is common for automobile owners to include hail damage coverage in their insurance plans. If this is the case, you may want to consider having your automobile fixed before you put it up for sale. Many purchasers will seek significant reductions in your vehicle’s typical asking price.
How Much Does Hail Damage Depreciate a Vehicle?
A vehicle’s exterior may be severely damaged by hail. After a hail storm, dents, smashed windows, and other damage may be seen all over a vehicle’s body. The owner of a hail-damaged vehicle may feel dejected and devastated due to the incident.
If your comprehensive deductible is more than the damage from a hailstorm, you should repair it. The term “totaled” refers to a vehicle declaring a total loss because of repair costs that are more than 50% to 60% of the vehicle’s worth. You should still file a claim if the repair costs are more than 50% to 60% of the car’s worth.
If your automobile is declared totaled by the insurance company, the hail damage claim may be included in the Carfax vehicle history record, available to prospective purchasers. When you put your car up for sale, it might lose thousands of dollars in trade value.
Damage to a car’s value from hail may range from $250 per dent to a loss of $3,000 to a complete failure, depending on the severity of the damage (vehicle becoming essentially worthless). Relative to the cost of repairs, the car’s value depreciates by about the same amount.
How Does Hail Damage Devalue My Car?
Many automobile owners don’t give a damn about how their vehicle looks as long as it’s still functional. It isn’t always the case with used automobile purchasers, though. A prospective buyer would wish to have aesthetic damage repaired if they acquired a used automobile. It’s fairly uncommon to see visible aesthetic damage to a car after it has suffered hail damage.
Damage to a vehicle may be seen in two ways. One way to lose money on the sale of your automobile is to have it repaired beforehand, which will lower its market value for you.
The most important thing to keep in mind when selling your automobile is that it will be depreciated if it has unrepaired aesthetic flaws. Especially when it comes to aesthetic damage, dealerships are constantly looking for methods to lower your selling price. They nearly always correct visible cosmetic damage before placing the vehicle on the lot.
Contact us at Hail Free Solutions now to learn more about how hail damage affects your car’s value and what you can do about it.
Add Comment