We Can Help With the Diminished Value of Your Automobile Following a Motor Vehicle Collision
You were minding your own business and a negligent driver collided with your vehicle. Most people know you can file a claim with the at-fault driver’s insurance carrier for personal injury damages as well as for the cost of repairing or replacing the vehicle. You might also, however, be entitled to recover money to compensate you for your vehicle’s loss of value as a result of having been involved in a collision.
Remember: Even if the at-fault driver’s insurance carrier paid for your vehicle to be repaired (and the repair work was perfect) it will never be worth as much as a similar vehicle that has not been involved in a collision.
You may be entitled to damages for the loss of value to your automobile or truck following a motor vehicle collision. Sometimes original parts are not utilized in the repairs or defects still exist after the repairs are completed. Often times the very fact that your car was involved in a wreck causes it to lose value since most people evaluate a car’s damage history in determining its value. Click on a specific section below to be taken to that section of this page instantly.
Q: What is diminished value?
A: If your car or truck was involved in a motor vehicle collision you may have a claim for the diminished value of your car or truck following the collision. Diminished value is the difference between what your vehicle was worth prior to the collision and what it is worth after being repaired following the collision.
Q: What is Repair-Related diminished value?
A: If your car or truck was repaired following a motor vehicle collision but the repairs did not return it to its pre-collision condition you may have a claim for repair-related diminished value.
Q: What are some potential examples of repair-related diminished value?
A: If structural defects or cosmetic differences are not repaired correctly the loss of value to your vehicle can often be tied directly to the quality of the repairs. If the facility that repairs your vehicle fails to utilize original manufacturer parts, for example, you may be entitled to repair-related diminished value damages.
Remember: Do not take your car or truck to the body shop recommended by the at-fault driver’s insurance company. The insurance carrier wants the repair costs to your vehicle to be as low as possible and often recommends facilities that use non-OEM (original equipment manufacturer) parts.
Q: What is inherent diminished value?
A: Once your vehicle has been involved in a collision it has a damage history. If two cars are similar in almost every way except one has been involved in a collision and one hasn’t which vehicle do you think everyone would choose to purchase? The very fact your vehicle has been involved in a collision and been repaired causes an inherent loss of value to you.
Remember: You can recover damages for inherent diminished value even if your vehicle was optimally repaired. In fact, optimal repairs are even assumed.
Remember: If the repairs were not optimal or done in a reasonable manner you could have a claim for repair-related diminished value.
How We Can Help You: Insurance carriers do not volunteer to pay the diminished value to your vehicle. Our firm routinely hires diminished value experts at no up-front cost to our clients on cases where diminished value damages are significant.
Q: How do you establish diminished value damages?
A: Diminished value can be established in a number of ways including: internet research, common sense, the opinion of an expert as to the quality of repairs, and a full-on report by a diminished value expert.
Remember: To a certain degree all vehicles that have been repaired have some degree of diminished value. Often times, however, it would only make sense to pursue the diminished value claim if the damages sought outweighed the cost of establishing those damages.
Q: If you represent me will I need to pay money up-front to retain a diminished value expert?
A: No. Our firm retains diminished value experts at no up-front cost to our clients on cases where the damages sought are significant. On cases with less significant diminished value damages attorneys will rely more heavily on internet research to advocate for your rights.