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An Attorney on Diminished Value

You have been in a car accident and your car had to be repaired.  What does the insurance company have to cover? If your vehicle is not totaled and can be repaired to operate safely and in relatively good condition, then that should be enough, right?

Something that you should consider is the newly diminished value of your vehicle. Diminished value is the loss of value of an item based on the circumstances of being damaged. Consumers buying used cars will take into consideration the fact that your car has previously been in an accident, and many will not even considering buying a used car that has been in an accident.

For a diminished value claim, you will need an appraisal of the car’s value both before the accident and after the repairs have been completed. Additionally, in most cases it is the vehicle owner’s responsibility to prove the loss. To go the extra mile, you should consider getting a trade-in value letter from a car dealer stating that the value is lower because of previous damage done to the car.

Expect a fight. Some insurance companies may maintain that there is no such thing as diminished value. Others will offer a fractional amount calculated by an industry formula.

We hope this information helps you if your car has been damaged by a negligent driver. If your car has been damaged and you have been injured in an auto, truck, or motorcycle accident and need help,please contact us at (844)-Take-MyCase, or visit our website at www.844TakeMyCase.com.

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5210 Indian Head Hwy.
Oxon Hill, MD 20745
410-267-1880
410-267-1881 (fax)
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Annapolis, Md. 21401
410-267-1880
410-267-1881 (fax)