Rear Ended Over the Holidays? File A Diminished Value Claim
Types of Diminished ValueThe immediate loss of value due to damages after a car accident is the immediate diminished value. This type of diminished value is not generally compensated on its own. The most commonly compensated type of diminished value is inherent diminished value. After repairs have been made you can still have reduced value because of the stigma that is attached to a vehicle that has been wrecked. The last type of diminished value is repair related and is used when repairs cannot be completed perfectly. This includes when after-market parts must be used that reduce the overall quality of the vehicle.
Calculating Diminished ValueThe average insurance policy will not compensate more than 10% of the vehicle’s original value for diminished value claims. The insurance company will then deduct value for things like high mileage and poor condition. Because of these factors, it is not really worth the trouble to file a claim for diminished value unless you own a new luxury vehicle or a well-cared-for, newer luxury vehicle.
Speak With a Diminished Value LawyerWhen you speak with a diminished value lawyer they can help you to determine the amount of diminished value to your vehicle and if the amount is worth pursuing. A diminished value lawyer can also help you to negotiate with the insurance company and determine a reasonable compensation settlement. Casas Law in West Palm Beach can answer all of your diminished value questions, schedule a free consultation today.
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Alex and his team were my rock after I was hit by a car while riding my bike. They were able to direct me with medical care questions, advocate on my behalf with insurance companies, and really listen on days where I had pain and was completely frustrated with my insurance company and their lack of response. Highly recommend!!!!