Diminished Value is the reduction in value of a vehicle that occurs as a result of an accident.
If your car, motorcycle, truck and or RV is involved in a crash which is not your fault there may be a valid claim. This is true even if it is fully repaired to its pre-accident condition. The reason?
Even after being fixed, it is now generally worth a lot less than a similar vehicle that has never been damaged. That’s because potential buyers are likely to be concerned about the vehicle’s safety, reliability, and overall condition, which can lead to a lower resale value. This information can typically be found in a vehicle’s history like a CARFAX® report.
There are several factors that can affect the amount of a Diminished Value claim, including the original cost of the vehicle, severity of the accident, its age and condition, and the type of damage sustained. For example, a newer vehicle, a luxury automobile, exotic car, truck and or RV that have sustained significant damage are likely to experience a higher Diminished Value than an older and or less expensive one that has sustained only cosmetic damage. Do note that if you lease, the Diminished Value claim belongs to the vehicle’s owner and not you as the lessee.
If you are involved in an accident that was caused by someone else’s negligence and your vehicle sustains damage, one may be entitled to receive significant financial compensation for the Diminished Value. Why? Simple, as this compensation is intended to cover the difference in value lost between your vehicle before and after the accident. It’s like getting additional cash in your pocket, whether or not you actually suffered injuries from the crash itself!
To make a Diminished Value claim, evidence needs to be provided of the vehicle’s value before and after the crash. An appraisal report must be generated which will compare the value of similar vehicles that have not been involved in an accident. Other required documentation includes the police report, proof of the final repairs and claim number of the other owner’s at-fault insurance company.
Although a person can try to do all of the work themselves, insurance companies are typically focused on minimizing their own costs, so they may not offer the full amount that one is entitled to. Unfortunately, they live by the mantra “Deny, Delay and Defend”. That’s where The Law Offices of Evan M. Ostfeld, comes in. We will navigate the Diminished Value process, negotiate with the insurance company for you to ensure that fair compensation is obtained. Our law firm handles these cases on a contingency basis. That means there are no attorney’s fees and or costs unless there is a settlement or court award. Mind you if you were also injured in the crash, our team can assist with a personal injury and or workers’ compensation claim.
Loss of use, in the context of a motor vehicle accident, refers to the damages that arise from the inability to use one’s car, truck, or RV while it is being repaired due to the crash. These damages are typically measured by the cost of renting a similar vehicle for the period that the person’s is out of service while getting fixed. The goal of compensation for loss of use is to put the owner of the damaged vehicle (who was not at fault), in the same position they would have been in if the accident had not occurred, and they were able to continue using it without interruption.
For further information, contact us today at (866) I SUE YOU (866) 478-3968, (954) 998-0075 Text or firstname.lastname@example.org. We are here to help!
Law Offices of Evan M. Ostfeld, P.A.
The Coral Springs Professional Campus
5421 N. University Dr, #102
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600 West 6th St, #400
Ft. Worth, TX 76102 5401
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Houston, TX 77007-5042
5401 McPherson Rd, #6
Laredo, TX 78041
409 7th St NW
Washington, DC 20004
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