Loss of Value Claims in West Palm Beach, Florida
If you were involved in a car accident and your insurance policy includes reimbursement for vehicle damage, you may be inclined to accept compensation for the cost of repairs and walk away. However, even if your vehicle is restored back to its original condition, that accident may still put a dent in the vehicle’s resale value. This is where our attorneys can help.
You may be entitled to compensation for loss of value (otherwise known as diminished value). These damages are awarded if you can prove that the accident and subsequent repairs have in any way affected what your car is worth. This impact can add up to a significant sum, and as such, many insurance companies are reluctant to pay out settlements for such losses.
If you believe you have grounds for a loss of value claim, turn to the lawyers at Donaldson & Weston. We have decades of combined experience handling car accident claims. To schedule a consultation, call 561-299-3999 to speak to one of our attorneys.
Our Attorneys in West Palm Beach Can Help You Prove Loss of Value
There is no set script for proving loss of value or diminished value of a vehicle. Typically, you will need to show the insurance company that despite conducting repairs, your vehicle’s resale value was irreparably impacted by the accident. For instance, you could look up the current market value of your car and then compare this amount to its current trade-in value at a car dealership based on its accident history. Alternatively, as part of a more comprehensive approach, your attorney could get a professional evaluation from a company that conducts loss of value insurance valuations. Based on the nature of your case, your lawyer can help you determine which method is best suited to helping you obtain a fair settlement.
Types of Loss of Value Claims
There are several ways an accident can affect the value of your car. Below, we’ve listed the three main types of diminished value that could play a role in your claim:
- Immediate Loss of Value: This refers to the difference in resale value of your vehicle immediately after the accident and before your car is repaired. As insurance policies tend to cover most—if not all—damage repairs, this type of loss rarely plays a role in diminished value cases.
- Inherent Loss of Value: When a vehicle is damaged, even if repairs restore the car to perfect condition, it may have a diminished resale value due to its history of repairs. This amount represents the vehicle’s worth based on its accident history and the assumption that optimal repair quality has been completed.
- Repair-Related Loss of Value: Low-quality repairs can have a drastic impact on the resale value of a car. For instance, if the paint job was restored using a color that isn’t an exact match or parts were replaced with cheaper components, the vehicle may lose value. Keep in mind that this type of diminished value will only come into play if the car cannot be restored to its original condition.
Discuss Your Loss of Value Claim with One of Our Lawyers Today
In the blink of an eye, a sudden accident can turn your prized ride into a tarnished wreck. It’s only fair that you should be compensated for this often-substantial drop in value. At Donaldson & Weston, our lawyers in West Palm Beach are here to help.
Not only can we assist you with filing your loss of value claim, but we can also handle all correspondence with the insurance company so you can get back to focusing on your daily routine. Contact us today at 561-299-3999 to schedule a consultation with a loss of value attorney.