Diminished Value

When I purchased my first car, there was no way to verify whether it had been in an accident. Today, with services like CARFAX and AUTOCHECK.com, it is easy to verify whether a car has been in an accident. Therefore, after an auto accident, the value of a car diminishes. But diminishing value is not limited to cars, it also applies to other types of vehicles as well- RV’s Boats, Motorcycles, and ATVs are just a few vehicles that diminish in value after being in an accident.

A vehicle’s value diminishes even if the vehicle has been repaired to “like-new” conditions. The bottom-line is, a vehicle that has been involved in an accident is less desirable and has a lower selling price if it is ever placed on the open market or offered for trade-in.

To make you whole, certain cases now require insurance companies to include this loss of value in your accident claim. This is called diminished value, which is the difference in value of your vehicle before the accident and after the accident. When representing clients, The Dennis Law Firm, LLC, examines each case for diminished value by:

  • Reviewing your policy terms & conditions;
  • Determining the degree and value of damages;
  • Calculating how much your vehicle’s value diminished;
  • Filing an insurance claim for the diminished value; and/or
  • Filing a lawsuit to collect diminished value if it is not included in your policy.

You paid your insurance policy each month so that insurance companies would make you whole if you were ever involved in an accident. Being compensated for diminished value is just one part of being made whole. Don’t let insurance companies cheat you out of the compensation that is rightfully yours. Contact our office today for your FREE EVALUATION (844) 913-4448