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Recoup Your Car’s Lost Worth After An Accident With A Diminished Value Claim

Accidents are an unfortunate reality of driving. Beyond the immediate concerns of safety and repair, a significant issue that often arises is the loss of your vehicle’s value after one occurs. So long as it’s not your fault.

Understanding Diminished Value

What is Diminished Value? It refers to the reduction in a vehicle’s market value after it has been involved in a crash or incident and subsequently repaired. Even if your car is restored to excellent condition, it is typically worth less than a similar one with no accident history. Would you really want to buy an automobile that was in an accident? Once the repairs are made, the vehicle has an accident history known as a “bad” Carfax, AutoCheck, or WreckCheck report. Since state disclosure laws make it mandatory to tell potential buyers of a vehicle’s accident history, without question, this devalues the car for a future sale and or trade-in!

Inherent Diminished Value and Legal Support

Inherent Diminished Value is the most common type and refers to the loss in value even after the vehicle has been perfectly repaired. That is where our law firm comes in. We try to obtain money for our clients so when they eventually get rid of their car and take a ”hit” on what they’ll be offered post-accident, it simply won’t sting as much. You should start the diminished value process as soon as possible after the accident. Delays can complicate the claim and reduce the chances of success.

Criteria for Accepting Cases

Do note that The Law Offices of Evan M. Ostfeld, P.A. cannot accept every case. As a general rule, the vehicle should be 5 years old or newer as opposed to older models. Other important factors include higher repair costs and the make, model and mileage. The more expensive the type of vehicle, the higher the diminished value claim. Trucks, RVs, exotic and collector cars are worth the most. Be aware however that if the vehicle had any previous claims or if it was leased, we cannot accept them.

The Process of Claiming Diminished Value

After our intake form is completed, we may hire an independent, professional appraiser to determine the actual diminished value. Thereafter a settlement demand is made against the at-fault party. Under some circumstances, you may proceed against your uninsured motorist coverage. Claiming diminished value can be a challenging process, so let our law firm assist. It will greatly enhance your chances of receiving fair compensation.

No Risk Legal Assistance

Should you hire us, there are no up-front fees or costs. We only get paid if there is a settlement. If all else fails, a complaint may need to be filed with an insurance regulatory body and or via a mall claims action. Should you have any questions, do not hesitate to contact us. Remember let Evan get you some cash for your crash!

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