What is a diminished value claim?
You’ve just been injured in a car accident, but you’re more worried about the damage to your car. Perhaps, your car was brand new, or less than five years old with hardly any mileage. Even worse, the other person’s insurance company isn’t going to total your vehicle, they want to repair it!
There’s no way your car is going to be worth the same when you go to trade it in several years from now.
Can you be compensated for its diminished value? The answer is: Yes!
Factors in the Diminished Value
Diminished value is the difference between the pre-loss market value and the post-repair market value of a damaged vehicle.
Factors in the diminished value include the severity of damage, the Carfax report, prior accident history, physical condition before the loss, and the vehicle’s value.
A vehicle that has sustained damage, even when repaired to industry standards, may have less value than similar vehicle that has no or very minor prior repairs.
Diminished value is permanent for the damaged vehicle, as it will be considered branded with an accident history anytime the vehicle is sold.
Preparing a Diminished Value claim
When considering a diminished value claim, our office is looking for vehicles that are less than five years old, have damage repairs close to $5,000.00, and do not have a significant accident history.
Our office and our diminished value experts will prepare a diminished value package to present to the at-fault insurance company. The package includes the appraisal, Carfax report, and vehicle value comparisons to support the diminished value claim.
Our personal injury attorney and diminished value experts will provide the necessary information that must be submitted to the insurance company for the diminished value compensation.
Was your car damaged by a negligent driver? Call today for a free consultation.
When you are injured by another driver, you need experienced legal representation to help process your bodily injury. You need to focus on recovering from your injuries. Your attorney’s job is to make sure you get the compensation you need for medical bills, lost wages and other expenses.
Call Albers & Associates today to schedule a free consultation. There is no attorney’s fee and expenses unless our office recovers a settlement or judgment in your case. Call 443/457-3890 today!
