What Are Diminished Value Claims?
By Pyle Law, Reviewed by E. Thomas Pyle January 23 2023 9:36 pmWhile your focus might be on injuries and medical bills following a car crash, you should never forget about the costly damage to your vehicle. Further, if you did not suffer any injuries, you still need to file an insurance claim to seek compensation for property damage. Vehicle repairs can be thousands of dollars, and many times, your car might be totaled and you need a replacement.
Even if your car is fixed, the fact that the accident happened can diminish the overall value of your vehicle. If you have two identical cars for sale, the one that has been in a collision will have a lower price than the one that has not been damaged and repaired. Every potential buyer will see the accident in the vehicle history report, and there is little you can do to change it.
Kansas drivers can file diminished value claims to recoup the lost value of their car. Speak with a car accident attorney about your rights to compensation
Even if your car looks like it was perfectly fixed, an accident history will lower its value. Insurance companies will not volunteer funds to reimburse you for the diminished value. Instead, you must seek this compensation and prove the lost value of your vehicle.
If someone else caused your crash, you can hold their insurer accountable for diminished value. This type of claim requires another at-fault driver, so proving the cause of the accident is critical. A lawyer can review your situation and advise you whether your car accident qualifies you for this type of claim.
There are three types of diminished value claims following a crash:
You want to hire an attorney who knows how to seek full compensation for your crash-related losses, including the accurate loss of value of your vehicle.
Trust in my 20+ years of personal injury litigation experience to secure the outcome you deserve. From personal injury, car accidents, workers compensation and more, I handle it all with a commitment to justice. Just like one of our $2M Personal Injury case results, I fight tirelessly to ensure you receive maximum compensation for your injuries. We guarantee the protection of your rights throughout the entire process.
Insurance companies have their methods of calculating the diminished value of a car, but it is often much less than what you truly deserve. Insurers will rarely offer what you deserve right out of the gate, especially if you are trying to handle your claim alone. Having legal assistance is the best way to ensure you get every penny you need.
A lawyer can help you calculate your diminished value losses and determine what paperwork is needed to support your claim. They can negotiate with insurance adjusters and advise on whether a settlement offer is sufficient or not.
When you are filing a third-party diminished value claim against an at-fault driver, you want the legal team of Pyle Law on your side. Contact us to set up a free case evaluation, so we can assess your options for compensation.
Pyle Law was founded in 1999 with a commitment to fewer clients and better service. We believe that each and every client is important and everyone is entitled to justice and equal protection under our laws. We make every case a priority and are committed to keeping each client informed about the status of their case. We do not guarantee results, but we do guarantee effort.
This page has been written, edited, and reviewed by a team of legal writers following our comprehensive editorial guidelines. This page was approved by attorney E. Thomas Pyle who has more than 20 years of legal experience as a practicing personal injury trial attorney.
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