What is a Loss of Value Claim?
After a car accident, your car will never be the same. Even if it is perfectly repaired, your car will lose some of its value. A loss of value claim also called a diminished value claim, is filed with the intent of compensating you for that loss. Let’s investigate what amount of loss you can expect and when it is worth your time to file a loss of value claim.
Fixing Damage
Getting your car repaired is often a top priority. Repairs will restore your car’s appearance and function usually, but they cannot fully restore your car’s value. If you decide to sell the car after it has been in an accident you have a legal obligation to disclose the accident and the extent of the damage.
The potential buyer may still want to buy the car, but they will not be willing to pay as much for it as they would for the same car with no accident history. The difference between the fair market value of the car before the accident and the value of the car after repairs is the “loss of value”, also known as “diminished value”.
Determining Loss Of Value
If you are considering filing a loss of value claim, you should start by determining the fair market value of your car before the accident. Cars with a higher value before the accident will suffer a greater loss of value after. Insurance companies generally cap compensation at a maximum of 10% of your vehicle’s market value before the accident.
If your car was valued at $20,000 prior to the accident, the maximum amount most insurance companies will allow is 10% of that value, $2,000 in this instance. This amount must be further adjusted for damages and for mileage.
If you think you are entitled to compensation for a loss of value claim in West Palm Beach, Casas Law is ready to schedule your free consultation to discuss your claim. Let us help you determine what your loss of value is so you can get the compensation you deserve.
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