Get Paid for Your Car's Lost Value After an Accident
When your vehicle is damaged in an accident – no matter how well it’s repaired – it loses value. Insurance companies don’t always tell you that you may be entitled to compensation for this loss. We handle all the paperwork and negotiations for these claims with zero upfront costs. Contact us today!
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Frequently Asked Questions
A loss of value claim is a type of insurance claim that seeks compensation for the decrease in value of a vehicle due to an accident or other damage. This type of claim is also known as a diminished value claim or a diminished value assessment.
You may be able to file a loss of value claim if your vehicle sustained damage in an accident caused by someone else’s negligence or wrongdoing; however, you will need to prove the damage caused a reduction in the value of your vehicle.
To prove the value of your vehicle, you will need to demonstrate:
● The condition of your vehicle before the accident
● The extent of damage the accident caused
● The cost of restoring your vehicle
● The value of similar vehicles in the market
An experienced personal injury attorney can help you gather the evidence needed to prove the above so you can put together a strong loss of value claim.
There are several methods for calculating the loss of value of a vehicle. Here are three of the most common approaches:
Pre-Accident Value: This method calculates the difference between the value of your vehicle before the accident and its value after the repairs
Repair Cost: This method calculates the difference between the repair costs and the value of your vehicle before the accident
Market Value: This method compares the value of your damaged vehicle to the value of similar, undamaged vehicles in the market.
Your insurance company may use one of these methods or a combination of two or more to determine the value of your loss.
If your loss of value claim is successful, you may be able to recover the difference between the value of your vehicle before the accident and its value after the repairs or after the damages have been sustained. This can include damages for the reduction in the market value of your vehicle, as well as any additional repair costs that may be necessary to restore its value.
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Insurance companies won’t tell you that you can claim for diminished value – but we will. Let’s fight for what you deserve.
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