If your car has been in a wreck and it was not your fault, there are two things that are true:
- You have a diminished value claim.
- You likely don’t know it.
When your car has to be repaired, it doesn’t stop there. We know the for-profit insurance company isn’t going to tell you out of the goodness of their heart that you also have diminished value, but you do.
What is a Diminished Value Claim?
Once your car has been in a wreck, it will never be worth what it was prior to that accident. Would you want to buy a vehicle that you know has been in an accident?
The fact that it’s been an accident is evident in all the things and services they have today, like Carfax, which reports whether or not the car has been repainted or an insurance claim has been made. When you go take your car into the dealership later, they’re expertly trained on how to tell if a car has been repaired by feeling around the edges of the hood or the fenders for any overspray, indicating that your car has been repainted.
Likewise, they can look at the gaps between the fender and the hood and other places on the car that are no longer uniform. As a result of all this, when you go to sell your car in the future, it can be worth hundreds or even thousands of dollars less. It’s not your fault that the car was in an accident, and it’s not fair that now your car is worth less than it was even after repairs are made.
A Diminished Value Claim is a claim that can be made for the difference between what your vehicle was worth prior to the accident and what the vehicle is worth after repairs are made.
If your car is going to be totaled, you don’t have a diminished value claim. We suggest you watch our video on how to maximize your property damage.
If your car has to be repaired, make no mistake about it, you do have a diminished value claim, and you should ask the insurance adjuster about it. You have up to two years from the date of the accident to make the diminished value claim.
How Much to Expect from a Diminished Value Claim
There are factors that are considered when it comes to the size of a diminished value claim, like the make and model, the age of the vehicle, or the mileage on the vehicle.
For instance, if your car is more than about 6 to 8 years old or it has very high mileage, there may not be much of a diminished value claim to make, but we know that every dollar counts.
On the other hand, if you have a vehicle that is notorious for having great resale value, like a Lexus or Mercedes, maybe even a Honda, then the age and mileage of your vehicle may not matter as much. You should always make a diminished value claim for antique cars, classic cars, any type of limited edition sports car, or any car that is extremely low mileage for its age.
How to Make a Diminished Value Claim
Now, you might be asking, how do you make a diminished value claim? Well, first of all, you will need an expert. We have a network of experts that we work with that provide us an appraisal report for the value of a vehicle before and after repairs have been made. We take that appraisal report and attach it to a detailed demand letter that we send to the at-fault insurance company. After they make us an offer, of course, we negotiate it up from there to get you top dollar for your DV claim.
How is Carrollton Injury Law different?
At Carrollton Injury Law, we put Personal back into Personal Injury Law. Our ultimate goal is to give you the personal attention you need to help make sure that you have a speedy recovery and obtain the absolute best compensation possible.
If you or a loved one has suffered an injury as a result of an accident, please call or text Carrollton Injury Law today at 972-360-9898 for a FREE injury claim evaluation. We look forward to showing you how we put Personal back into Personal Injury Law.