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Diminished Value Claims
Pre-Loss Value – Repair Value = Diminished Value
What exactly does the formula above mean? It means that after a wreck, your vehicle is no longer worth what it was before it was damaged. There are several types of diminished value. The main three are Inherent Diminished Value, Repair-Related Diminished Value, and Immediate Diminished Value. Our injury attorneys will explain the differences to you and get every penny you are owed to ensure that you have not taken a loss in the value of your vehicle.
As always, there are specific steps to file a Diminished Value Claim. To make it easy on yourself, follow the steps below.
1. Call Stutes & Lavergne- We handle the rest!
We will do the following to ensure you get what you are owed.
- Prove the vehicle has lost value.
- Determine the amount of loss.
- Get you fairly compensated.
What is a Diminished Value Claim?
A diminished value claim is where a party seeks compensation for losing their vehicle's value after being involved in a car wreck. There are several types of diminished value claims. Stutes & Lavergne car wreck attorneys are available by phone 24 hours a day, 7 days a week, to answer diminished value questions.
The first type of claim is Inherent Diminished Value. It is where a vehicle's value is lost due to damage sustained in a wreck. It is also referred to as "psychological diminished value." Because an automobile has been in a wreck, it is now perceived to be worth less.
Repair-Related Diminished Value is when a vehicle is repaired poorly. It usually occurs after a car is in a collision and the mechanic or body shop does subpar repairs. The vehicle is no longer worth what it originally was, nor will the repairs help increase its value.
Immediate Diminished Value is when a claim is sought immediately after a car wreck and before the repairs are made. It is rarely used and, if filed, usually is used in court cases.
Does every wreck involve loss of value?
In order to qualify for a Diminished Value Claim, certain stipulations may apply. Every wreck is different, and it is the same when it comes to the value of a wrecked car. They are usually case by case, but there are a few ways you may be granted compensation for your vehicle being worth less after a crash. This is dependent on whether or not the wreck was due to the negligence of another party, the vehicle is owned or financed by you, and the wreck did not cause the vehicle to have a "total" loss.
How do I know if I am compensated fairly?
As with any type of insurance claim, it is very hard for a consumer to decipher whether or not their 'settlement" is deemed fair or that the compensation being offered is substantial enough to make you whole again. That is why it is very important to seek legal representation before accepting any offer that insurance companies make. Stutes & Lavergne car accident attorneys are trained professionals in getting our clients what they deserve. No one expects to be in an wreck. Also, no one expects to be treated unfairly, especially when trying to get the payment needed from the party at fault. In the event that you or a loved one suspects you aren't getting what you are owed, call one of our lawyers today.
What do I have to do to File a DV Claim?
There are several ways to file a claim for the loss of value of your vehicle. Do you need a lawyer to help? Will your car have decreased value when you sell or trade it in? Do you need a second opinion to ensure you get the total amount you owe? These are a few of the hundreds of questions people in car wrecks usually have. Call our experienced team today, and let them advocate for you.
Who pays for the Diminished Value?
The party responsible for the damages is responsible for paying for the vehicle's loss of value. When you buy a car, you expect to get some sort of return on it when you go to sell it or trade it in. When your property is damaged, it is the negligent party's duty to get it back to the condition it was in before the accident.