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Diminished Value Claims
At Baker Law Group, we are dedicated to providing exceptional legal representation for individuals who have been involved in car accidents and are seeking to recoup the diminished value of their luxury vehicles. Our team of skilled attorneys focuses on personal injury cases and understands the unique challenges that arise when dealing with insurance companies after an accident.
What is Diminished Value?
Diminished value refers to the market value loss on your vehicle after it has been repaired following a collision. Even if these repairs have made the car look new, the accident history permanently affects the value of a vehicle.
A vehicle’s value decreases because of its potential long-term safety concerns. There are three categories when filing a diminished value claim.
Immediate diminished value, which refers to the difference between a car’s value directly before and after the collision. This is the most common type of diminished value claim.
Inherent diminished value, which refers to the difference between what the car was worth pre-accident and after it was repaired.
Repair-related diminished value, which refers to a car’s decreased value as a result of lower quality repairs to your vehicle.
If your car’s value was significantly diminished after a crash that wasn’t your fault, you need to hire a diminished value claim lawyer as soon as possible.
Who is Responsible for Paying a Diminished Value Claim?
Depending on which state you live in, the party responsible for a diminished value claim varies.
A vehicle owner may pursue a diminished value claim when the other party is at fault for the accident. In order to prove liability, there must be evidence that the other party knowingly took part in negligent or reckless driving.
If you were at fault for the collision, your insurance company must compensate you for the diminished value of your vehicle. They should not raise your insurance rates as a result.
The best way to get the compensation you need is to hire an experienced diminished value lawyer.
Not All Vehicles Qualify for Diminished Value
Sadly, not all vehicles are eligible for diminished value claims. Here are some factors that can disqualify you from receiving diminished value compensation:
- Your car is valued at less than $7,000.
- You have signed a release of liability form.
- There was minimal damage to your vehicle.
- Your vehicle has excessive mileage at more than 30k miles per year.
- Your vehicle is greater than 10 years old.
- Your vehicle was salvaged or rebuilt.
- Your vehicle was badly damaged before the most recent accident.
- Your vehicle was totaled.
- The statute of limitations on your claim has expired.
Our Diminished Value Claim Attorneys are Ready to Support Your Case
When your vehicle’s value has diminished as a result of an accident that wasn’t your fault, you may not recover the damages you deserve. Insurance companies will try to lowball your compensation and protect their own interests.
We want to help you get the maximum amount of compensation possible for your vehicle.