LOSS OF USE & DIMINISHED VALUE
- In the event you are involved in an accident and there is damage done to your vehicle due to the negligence of somebody else, you may be entitled to additional compensation.
- Not only will the insurance company pay for the repairs done to your vehicle but you may also be entitled to thousands of dollars due to the diminished value of your vehicle and the loss of use!
If your vehicle has an accident on the title due to being in a car accident that was somebody else’s fault, call 561-440-7775 and ask to speak with attorney Kayla Sheldrick.
Diminished Value Claim Information
The diminished value of a vehicle is the difference between pre-accident market value and post-accident market value.
If you have been in a car accident, you may be wondering if you can file a diminished value claim. A diminished value claim is a legal action taken to recover damages that occur when the value of a vehicle is diminished after an accident. This type of claim is often filed against the insurance company of the person who caused the accident. In many cases, The Sheldrick Law Firm has recovered thousands of dollars for their clients when filing a diminished value claim. If you have any questions about diminished value claims or would like to speak with an attorney, please call us today at 561-440-7775 for a free consultation!
Diminished value is the loss in value that a vehicle experiences after being in an accident. This can be due to damage to the vehicle, or simply because it has been in an accident. Diminished value claims are often filed against the insurance company of the person who caused the accident.
When your vehicle is damaged in an accident, the resale value of your vehicle is diminished. This is because potential buyers are often wary of buying a vehicle that has been in an accident, no matter how well it has been repaired. Filing a diminished value claim ensures that you are compensated for this loss in value. An accident that is listed on the title of a vehicle means that the vehicle has been in an accident and the damage has been reported to the DMV. When a vehicle has an accident listed on its title, it is common that potential buyers are worried that the vehicle may have hidden damage or may not have been repaired properly.
If you have been in an accident, you may be able to file a diminished value claim against the at-fault driver’s insurance company. To do this, you will need to prove that the accident has diminished the value of your vehicle. This can be done by obtaining a diminished value report from a reputable automotive appraiser. A diminished value report is an appraisal of the value of a vehicle after it has been in an accident. The report will take into consideration the year, make, model, and trim level of the vehicle as well as the severity of the accident. The appraiser will also look at comparable vehicles that have not been in an accident to determine the diminished value of your vehicle.
Once you have obtained a diminished value report, you can then file a claim with the at-fault driver’s insurance company. It is important to note that insurance companies are not required to pay diminished value claims in all states, matter of fact, some states have laws that prohibit insurance companies from paying diminished value claims. However, if you live in a state where diminished value claims are allowed, such as Florida, Georgia, or South Carolina, you may be able to recover the diminished value of your vehicle.
This all can be done on your own but for the best chance of success, it is always recommended that you hire an attorney who specializes in diminished value claims. An attorney can help you navigate the claims process and ensure that you are fairly compensated for the diminished value of your vehicle.
How much money is your Diminished Value Claim worth?
Diminished value claims are worth a lot more than what many people think. The average diminished value claim is worth around $3,000. However, there are cases where diminished value claims are worth much more than this. For example, if a vehicle has been in a very severe accident, the diminished value of the vehicle may be much higher. In some cases, diminished value claims have been worth tens of thousands of dollars.
Here are 5 factors that create the diminished value of a vehicle after being in an accident
The severity of the accident
The make and model of the vehicle
The age of the vehicle
How well the vehicle has been repaired
Whether or not the accident is listed on the title
It is important to note that diminished value claims are not always easy to win. Insurance companies will often try to lowball the settlement offer or deny the claim altogether. This is why it is so important to consult and possibly hire an attorney who frequents diminished value claims. An experienced attorney will know how to negotiate with the insurance company to get you the best possible settlement for your claim.
Diminished Value Accident attorney Kayla Sheldrick can help you navigate the claims process and ensure that you are fairly compensated for what you are entitled to!
If you have any questions about a diminished value claim or would like to speak with attorney Kayla Sheldrick regarding a potential claim that you may have, call (561) 440-7775 and ask to speak directly with Kayla Sheldrick. We look forward to hearing from you soon.
Any Accident At All, Give Us A Call!
The Sheldrick Law Firm
Accident & Injury Attorney
Phone: 561-440-7775
Free Consultation
Locations: FL, NJ, NY
Website: www.TheSheldrickLawFirm.com