According to statistical data, 90% of traffic accidents result in property damage. Traffic accidents can be fatal, result in injuries, or cause property damage. Vehicles involved in accidents resulting in property damage may prepare an accident report among themselves without calling the police. If the parties cannot agree on preparing an accident report following a traffic accident resulting in property damage, it is necessary to call the police and ensure the report is filed, even if there is only property damage. Otherwise, repairing the vehicle or covering the damage under mandatory insurance (traffic insurance) and optional insurance (comprehensive insurance) may become difficult.
For drivers of vehicles damaged in a traffic accident, the damage is covered by the other party’s traffic insurance if they are not at fault; if the other party has no insurance, the damage is covered by your own insurance. The damaged vehicle is repaired by an authorized service center, and necessary parts are replaced with original parts. However, a damage record will remain on the vehicle. The presence of a damage record on the vehicle may result in it being sold below its used market value and, in some cases, may even make it difficult to find a buyer.
As a result of a traffic accident, the owner of a vehicle that sustained no damage in the accident may file a claim for vehicle depreciation compensation to cover the decrease in the vehicle’s value.