Thanksgiving week car accidents result in $62 million in diminished car value

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Nov. 29, 2010—American car owners experienced a total nationwide loss of $62 million in car value due to Thanksgiving holiday accident rates, according to Advocate Auto Consultants.

During Thanksgiving week, there were roughly 100,000 car accidents across the country, according to an Advocate Auto Consultants press release_notes. Of these collisions, 11,000 American drivers lost market value to their damaged vehicles. On average, these drivers will lose $5,700 off the resale value of their vehicles. So during Thanksgiving week alone the loss off the resale value reached about $62 million.

"Thousands of accident victims sustaining $2,500 or more in damages while driving a newer model car are eligible to reclaim the diminished value that insurance companies often choose not to inform the victims about,” said Tom Coletta, CEO of Advocate Auto Consultants. “As a result of holding back this information, the insurance companies are saving billions of dollars a year."

For information on how diminished value impacts drivers, go to advocateautoconsultants.com.

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