What Are Diminished Value Claims?

What Are Diminished Value Claims?

While 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

How Diminished Value Claims Work

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:

• Immediate diminished value, which covers the change in the car’s value from the moment before the crash to the moment afterward.
• Inherent diminished value, which is the reduction in resale value after all repairs have been completed to your car.
• Repair-related diminished value, which compensates car owners for damage from improper or subpar repairs.

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.

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.

Speak with a Kansas Car Accident Lawyer Today

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.