The Potts Law Firm Auto Accident Attorneys: Diminished Value Claim
Most people are unaware that their vehicles may qualify for a diminished value claim after they have been involved in an accident. There is often confusion about what a diminished value claim entails. Essentially, a diminished value claim is a difference between what your vehicle was worth before an accident and what it is presently worth now that it has been involved in an accident and has lost value.
For example, let’s say your vehicle had a fair market value of $25,000 before you were involved in a collision. Now, after your accident, your vehicle is only worth $20,000. In this example, your diminished value claim is worth $5,000 which is the difference between the original value and the present value of your vehicle.
To be more exact, diminished value claims require an appraisal expert to prove up the loss of market value. At The Potts Law Firm, we use a reputable appraisal company to produce an expert report evidencing a given vehicle’s loss of value after an accident. Specifically, our experts will first determine the vehicle’s fair market value given its geographic location. They will then assign a percentage of loss based on various factors, including the overall amount of property damage, make/model of vehicle, vehicle year, mileage, vehicle condition, and so on. The expert will then take the percentage of loss and multiply it by the vehicle’s fair market value in order to provide the amount of diminished value. We then submit this claim to the negligent Defendant’s insurance company in conjunction with your injury claim.
This claim involves a separate negotiation and typically is hotly contested with the insurance company. For this reason, it is extremely important to have the right firm represent you so you are not taken advantage of and pushed around. We have substantial experience with diminished value claims and stand ready and waiting to assist you with your claim.
Claims We Handle Involving Diminished Value:
- Standard Diminished
- Value Loss of Use of Vehicle
- Rental Car Expenses
Please contact the automobile accident attorneys at The Potts Law Firm for a free consultation to discuss your injury claim. We will give you all the time your case deserves, and we will give you an honest assessment of your case and whether we can represent you.