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Insurance Companies Work Hard To Not Pay Diminished Value Claims

by Andrew Tobergte on May. 18, 2016

Accident & Injury Car Accident Motor Vehicle 

Summary: Don't let insurance companies fool you, contact an Ohio diminished value attorney if uncertain about your vehicle damages.

If you are reading this, you have probably been in an accident and your car was damaged. Maybe a friend told you that your car is worth less now, or maybe you just figured out that when you try and sell your vehicle that it will not sell for the same amount it would have before the accident.
Ask anyone, they will agree after your vehicle has been in an accident it is now worthless, even after proper repairs are done. So why are these claims not being made on a regular basis by anyone whose car has been damaged by another driver’s negligence? It seems that almost everyone realizes that the value of their car suffers after an accident, but no one is making the insurance company pay for it.
INSURANCE COMPANY STRATEGIES TO AVOID PAYING
Insurance companies have worked very hard to keep diminished value claims from being made. They employ a variety of strategies, most of them aimed at just making it too painful. Try and make a diminished value claim with an insurance adjuster and you are likely to be confronted by one or more of the following responses.
1. MISLEAD – They may tell you that in Ohio they do not owe to pay for the diminished value of a vehicle after proper repairs have been made. This is flatly not true. If you are told this then the insurance company representative is either lying or grossly misinformed. Without going into the details of the legal basis for making diminished value claims (later blog post…), I will say that diminished value claims are alive and well in the State of Ohio, and have been for some time.
2. REQUIRE UNREASONABLE PROOF – They may paper you to death, by requiring a huge amount of proof as to what the diminished value of your vehicle actually is. The insurance company may require a list of many comparable vehicles that have sold for less, they may require a used car salesman call them up and tell them how much the car has depreciated, and the list can go on and on. The insurance adjuster is really just hoping that you go away. The actual proof that is necessary to prove your diminished value claim is really anything that will convince a jury or judge of what the diminished value is. The best way to prove your diminished value claim is to have an appraisal done on your vehicle by a professional property appraiser. Fairly simple really, the appraiser is your expert, who can testify in court as to how much your vehicle has depreciated in value because of the accident.
3. SETTLE FOR A FRACTION OF TRUE VALUE – They may offer you a fraction of what the true value of your diminished value claim is. The insurance company may offer you a small sum, telling you that yes you are owed for the diminished value of your car, but really cars do not depreciate that much if repaired properly. They are hoping that you have not had an appraisal done yet and that you do not know the true value of how much your car has depreciated. The fact is many diminished value claims are worth thousands of dollars. Depending on the type of car, the age, mileage, and many other factors that an appraiser will take into account, your diminished value claim may be substantial. You should not settle for anything unless you are properly informed as to how much you car has actually depreciated. After all, it is you who will have to realize that loss when you try and sell your car down the road.
Before I was an attorney I was a claims adjuster with one of the largest car insurance companies in Ohio. I saw first hand how the insurance company handles these claims. Do not be fooled by the insurance company’s misinformation.
If you think you might have a diminished value claim on your vehicle, do not hesitate to call our office, we can offer you a free consultation to help you determine whether or not you have a valuable diminished value claim.
DISCLAIMER – This blog post is intended for general information purposes only, does not give legal advice, and does not create an attorney-client relationship. None of the comments or responses are intended as legal advice, do not create an attorney-client relationship, and are not protected by the attorney-client privilege. You should consult an attorney for advice regarding your individual situation.

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