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Today’s post is going to cover claims for the diminished value of your car after an auto accident. Many people who are unfamiliar with diminished value claims do not know that after your car has been repaired you are still entitled to compensation. This blog post will discuss a little bit about what compensation you are entitled to and why you are entitled to that compensation. If your car has been damaged in an accident in the past 3 years and you have not been compensated for your “Diminished Value”, “Diminution of Value”, Diminishment of Value”, etc., feel free to call our Durham Personal Injury Lawyers or Greensboro Personal Injury Lawyers if you would like a free evaluation of your case or if you would like our assistance with your case.
The fact that your vehicle has been involved in an auto accident and has suffered damages diminishes the value of your vehicle. Even if the damages to your vehicle have been superbly repaired, and the damages were minimal, the value of your car has still diminished and you are entitled to compensation. The person who caused the damage to your car (or his or her insurance company) is also responsible for paying you for the diminishment of value. If you would like to discuss whether or not your vehicle has lost value due to an accident, our Durham Personal Injury Attorneys and Greensboro Personal Injury Attorneys offer free consultations for Diminished Value claims.
Some people who have not bought and sold a lot of cars have a hard time understanding why your car has diminished in value just because of an auto accident (especially if the repairs make your car look just like it did before the accident). Services such as Carfax.com, Autocheck.com, CarProof.com, VinCheck (from www.nicb.org) and other similar reporting services make sure that anyone who is going to purchase your vehicle will be well aware of the accident history of your vehicle. In addition, as you can imagine, a buyer of your car will pay less for your car with accident history then he or she would pay for your car without accident history (or for a comparable car without accident history). Your car has diminished in value after an auto accident because the average car buyer prefers a car without accident history, and is willing to pay more for a car without accident history. As a result, the value of your diminished value claim is the difference between what an average buyer would pay for your car with accident history and what an average buyer would pay for your car without accident history. The best way to arrive at this value is to hire an auto appraiser, but you can also estimate this value based on quotes from dealers and buy shopping around online to find comparable vehicles with and without accident history. If you would like additional information about the law as it relates to Diminished Value claims please contact one of our Durham Personal Injury Lawyers or Greensboro Personal Injury Lawyers.
Once you have established that your vehicle has suffered a loss in value and you are entitled to compensation, the next question is how you collect on your Diminishment of Value claim. Well, the first step is establishing how much value your car has lost. Our recommendation is to not rely on the insurance company’s assessment of the value of your claim. The insurance company’s value is often based on a percentage of the repair estimate, and is not the proper method to determine the value of your claim. To determine the value of your claim you need to find out what the fair market value for your car is without accident history and what the fair market value is with the accident history. In our opinion, the best method to determine this difference is either (a) hire a vehicle appraiser or (b) obtain auto dealer quotes. We believe these two methods are the most credible because in both instances you are receiving the opinion of a professional in the auto industry that deals with setting values on vehicles. Many factors can affect the value of your vehicle, and the value of your Diminished Value claim, including: the quality of the repair, the type of parts used on the vehicle (new, used or aftermarket), the location and severity of damage (front end damage is generally worse than rear end damage), the cost of the repair, etc. If you are trying to place a value on your Diminished Value claim, our Durham Personal Injury Attorneys and Greensboro Personal Injury Attorneys can help you value your case and put you in touch with reputable auto appraisers.
After you have documented the value of your claim, the next step is to present the value of your claim and the documentation of the value of your claim to the insurance adjuster (or the person who caused your damage if there is no insurance company involved). After you present your case it is time to negotiate a settlement. If you are unable to reach an agreement with the person who caused your damage and/or his or her insurance company, then it is time to hire an attorney and file a law suit. If you have reached an impasse and you are ready to file a law suit, our Durham Personal Injury Lawyers and Greensboro Personal Injury Lawyers are available to handle your law suit.
Again, if you own your vehicle and have been involved in an auto accident in the past 3 years, your vehicle’s value has diminished and you are entitled to compensation. This is true whether your vehicle is new or 25 years old, and whether your vehicle has never been in an accident or if this is your vehicles 3rd accident. If you have any questions about your Diminished Value/Diminution of Value/Diminishment of Value/etc. claim, our Durham Personal Injury Lawyers and Greensboro Personal Injury Lawyers are available to assist you.
