What is Diminished Value?
Diminished Value represents the loss in value of a vehicle after a car accident. Because your car sustained damage and now has an accident history its value, including its resale value for potential buyers, has diminished.
There are two kinds of Diminished Value:
- Repair Related Diminished Value – This is where the loss in value to a vehicle is due to poor repair following the accident. This type of loss is typically found in classic and late model cars that have been repaired with replacement parts from another vehicle, or the repairs were just poorly done.
- Inherent Diminished Value – This loss in value is sustained even though your vehicle has been repaired properly. It is now considered a vehicle with an accident history. It will be reported on CARFAX or AutoCheck in vehicle history. Diminished value is sustained at the moment the accident happens. That is the moment your car went from a vehicle with a clean accident history to a car with an accident history. Even with proper repairs your car will never return to pre-accident condition.
When is it possible to claim Diminished Value?
When you are in a car accident that is not your fault and your car sustained damage, you can file a claim for diminished value. These claims are brought against the at-driver and their insurance company. Diminished value claims can be filed if:
- You own or finance the vehicle
- The accident was not your fault
- The car wasn’t totaled
Are you facing financial losses or hardship due to an accident? It’s critical to seek out the services of a professional attorney immediately. Contact us today!
How can you prove Diminished Value?
Proving diminished value is not simple. Prospective buyers are cautious about cars that were in an accident before. But accurately measuring how much less someone is willing to pay for it can be difficult.
There are a few factors that can impact the diminishment in value, like:
- The extent of damage to the vehicle including whether there is frame and structural damage
- The overall cost of repair to the vehicle
- Make, model, and year of the vehicle
- Additional options on the vehicle
- Condition of the vehicle at the time of the accident
To properly present a diminished value you will need a special expert appraiser to testify how much value the vehicle has lost. The attorneys at Schenk Podolsky will find a skilled appraiser who will accurately determine your vehicle’s loss in value.
There are three things every vehicle owner wants to know following an accident:
- How much of the vehicle’s value is lost?
- What to do if the insurance underestimates the diminished value of the car?
- Is it worth it to bring a claim against the at-fault driver?
Contact our team at Schenk Podolsky for your diminished value claim.
Diminished value claims are complicated, and navigating the process can be difficult. You will need to have an experienced lawyer at your side who will guide you through every step of the process. The attorneys at Schenk Podolsky can evaluate your case and help you achieve the best possible outcome. Contact us today for a free consultation.
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4140 E Baseline Rd, Suite 101
Mesa, AZ 85206-4677