A diminished value claim is a legal claim that can be made by a car owner when their vehicle has been in an accident, even if it was repaired to its original condition. The basis for the claim is that the car’s resale value has been reduced because it now has a “stigma” of being in an accident.
To make a successful diminished value claim, you will need to show that:
Your vehicle’s value has decreased because of the accident
The decrease in value is significant
The decrease is not due to other factors (such as normal wear and tear)
The best way to know if your vehicle’s value has decreased is to get a professional appraisal. Many insurance companies have appraisers working for them, but you can also hire an independent appraiser.
The appraiser will look at factors such as the make and model of your vehicle, its mileage, its accident history, and similar vehicles that have recently been sold. Based on this information, they will give you an estimate of what your vehicle is worth now (its “post-accident value”).
How Do I File a Diminished Value Claim?
If your vehicle has been in an accident, even if it has been repaired, it may have lost some of its value. This is called diminished value, and you may be able to file a claim for it.
To file a diminished value claim, you will need to prove the value of your vehicle before the accident and after the accident. You can do this by getting estimates from dealerships or using an online tool like Kelley Blue Book.
Once you have proof of the value of your vehicle, you will need to submit a formal claim to the insurance company. A lawyer will make sure to include all supporting documentation so that your claim can be processed quickly and efficiently. Usually, the claim is filed against the at-fault party’s insurance company.
Can a Lawyer Assist Me with a Diminished Value Claim?
A lawyer can assist you in several ways if you decide to file a diminished value claim. First, a lawyer can help you determine whether or not you have a valid claim. If you do have a valid claim, a lawyer can help you gather the evidence you will need to prove the loss in value to the insurance company. A lawyer can also help you negotiate with the insurance company to try to settle your claim.
When Should I Consider Filing a Diminished Value Claim?
If your car has been in an accident, even if it has been repaired, it may be worth less than it was before the accident. This is because potential buyers may be concerned that the car was not repaired properly or that it may have hidden damage. As a result, you may want to file a diminished value claim to recover the difference in the car’s value. Our firm can help you recover what was lost after an accident, give us a call at (912) 401-8880.