A Diminished Value Claim Lawyer Can Help If Your Vehicle Was Undervalued
A diminished value claim lawyer with Bennett Johnson, LLP in Oakland, CA, can help you file a successful claim if you feel that an insurance company has undervalued your car following an accident. Attorneys Richard C. Bennett, William Johnson, and Andrew Johnson understand how important it is for you to collect maximum compensation for every loss after an accident. When the damage is caused by the negligent act of another, you are entitled to the difference in the value of your car prior to the wreck and the value after repairs. To schedule your free case review, send us an online message or call us at (530) 413-0245.
What is Diminished Value?
There are three types of diminished value to understand when making a claim:
- Immediate diminished value: This figure is the difference in value immediately before the accident and immediately after, prior to any repairs being made.
- Repair-related value: The loss in value resulting from an inability to perform perfect repairs.
- Inherent diminished value: This value is the amount your car is now worth after having been repaired. The best way to think about this diminished value is to consider how much less you can make at resale due to the damage.
When you suffer a loss due to the negligence of another, you are entitled to be made whole again. Legally speaking, this means you should be placed in the same position you were in prior to the accident. In many cases, that requires payment of a diminished value for your property.
These claims can be brought against the negligent party's insurance company, or your own insurance company if you have uninsured motorist insurance.
What is Required for a Diminished Value Claim?
In order to make a diminished value claim, you must:
- Make your claim within three years of the accident date.
- Prove that the damage occurred due to a specific car accident.
- Prove that the damage was not your fault.
- Be able to demonstrate the value of the vehicle prior to the accident.
These claims can be brought against the negligent party's insurance company, or your own insurance company if you have uninsured motorist insurance. It is also important to keep in mind that you can recover both the repair costs and the diminished value figure, which can help to maximize the allowable recovery.
How a Lawyer Can Help Make a Claim
Several steps must be taken when presenting a diminished value claim:
- Obtaining an accurate appraisal of your vehicle for both before and after the accident.
- Requesting reimbursement from the insurance company representing the negligent party.
- Negotiation of the amount due.
Insurance companies do not work for you - they work for their insured. This means you will need an advocate by your side, protecting your interests. A diminished value claim attorney can help by establishing liability, working closely with valuation experts to obtain accurate values, enforcing the validity of your claim, and filing suit, if necessary.
Book Your Consultation
The team at Bennett Johnson, LLP is passionate about helping victims of negligence collect the restitution they are truly owed. We offer free case reviews, and will only take your case if we believe we can help you collect. To book your free case review, contact us online or call our office at (530) 413-0245.