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A CAR LOSES VALUE AFTER AN ACCIDENT.

by Bryan A Mason on Apr. 18, 2018

Accident & Injury 

Summary: Auto Accident: vehicle lost value due to accident

The loss in value that you car suffers from being damaged or being involved in an accident is often call ed diminished value. This value comes from the interest you have in the value of the vehicle and what is the market value of your vehicle after it has been involved in an auto accident. The main driver of this value is what damage was suffered by the vehicle and then the vehicle itself; in particular, the year, make, and model of the vehicle. A good law firm will be able to tell you if your claim for diminished value is worth making based on this basic information. 

To make a strong claim for diminished value of your vehicle you are going to need an expert that is able to review documentation pertaining
to the repairs completed on your vehicle. This includes the photos of the damages and the invoice from the repair shop. Without this you case is not going to have much weight. In the case that you have a unique or classic car the evaluation needs to be done by someone with a special license or experience. 

Many insurance companies will not even send an appraiser to investigate a claim for diminished value. In fact some of them will claims that you have not suffered a loss at all. For the few companies that will send out an appraiser to evaluate the lost value of you vehicle, you will likely get a minimal offer by the insurance company to hope you just go away. These are the companies that will put up the biggest fight on value. 

One thing to consider in making your diminished value claim is the cost of getting an expert to evaluate the diminished value and verses both the value actually lost and the likelihood of success. If you are considering making a claim or your attorney does not consider making this claim, contact our office to discuss you potential diminished value claim. Our Office number (951) 289-0202 or you can set an appointment on our website.

DISCLAIMER:  As always the above is informational only, and is not, and should not be construed as legal advice. Please consult an attorney prior to making any legal decisions. This is not intended to, nor does it provide legal advice. If you have a legal question you should make an appointment to meet with an attorney. This does not establish an attorney/client relationship between you and our firm.

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