If you were involved in a motor vehicle accident and your car was damaged, recovering compensation for your personal property can be challenging. In some cases, the insurance companies might disagree on the value of your claim. This can happen even when there is no question about who was at fault.
One of the common areas of dispute involves diminished value claims. The economic value of your vehicle is likely to drop after an accident, even if it is ultimately repaired. With the help of a property damage lawyer, you could pursue compensation for the diminished value of your vehicle. Let a Norcross diminished value claims lawyer help you seek the compensation you deserve.
Understanding Diminished Value Claims
The term “diminished value” describes the loss in your vehicle’s value following a collision. Unlike the cost of repairing your damaged vehicle, these damages do not compensate you for an out-of-pocket loss. Instead, these damages cover your vehicle’s loss in value due to the accident.
It is important to note that your vehicle can lose value even if repairs have returned it to its pre-accident condition. This is because having an accident in its history lowers the vehicle’s resale value.
O.C.G.A. § 33-4-7 requires most property damage cases to include the diminished value of a vehicle. When a party is found liable for an accident, part of the compensation they owe is the difference between the value of the vehicle now and what it was worth before the crash.
Requirements for a Diminished Value Insurance Claim
Not every vehicle is eligible for a diminished value insurance claim. In some cases, older vehicles with more wear and tear or higher mileage are less likely to be eligible for an insurance claim based on diminished value. You can only pursue a diminished value claim if you have a clear title to the car, as well.
It might not be immediately clear to you if you are entitled to the proceeds from a diminished value claim. A Norcross attorney from our office could review the facts of your case and help you seek the full value of your property damage claim. Our firm can help you navigate the system and pursue your insurance claim on your behalf.
Diminished Value vs. Depreciation
It is important to understand the difference between diminished value and depreciation. Your vehicle will begin to lose its value the moment you buy it. Over time, it will continue to depreciate even if you keep the vehicle in perfect running condition. You are not entitled to compensation for the depreciation of your vehicle’s value after an accident.
For a free legal consultation with a diminished value claims lawyer serving Norcross, call 404-214-2001
How Can an Attorney Help with a Diminished Value Claim?
Pursuing a diminished value claim can be complicated, especially when undertaking this effort alone. Thankfully, you have the right to hire a Norcross diminished value claim attorney in this type of case. Your legal counsel could assist you with recovering the diminished value of your vehicle in several ways. These include:
Investigating Your Accident
The first step in securing compensation for the diminished value of your vehicle is to establish that another party was at fault for your accident. This effort starts with a thorough investigation of how your accident occurred.
Not all vehicles will qualify for a diminished value claim. Vehicles that are old, have high mileage, or are worth below market value already might not qualify. Our Norcross diminished value attorneys could review your case to determine if you are entitled to recover the diminished value of your vehicle.
Resolving Your Case
You could ultimately receive the compensation you deserve in multiple ways. These could include negotiating a settlement with the insurance company or taking your case to trial. A Norcross diminished value claim lawyer from Kaine Law is ready to help you pursue both options if necessary.
Norcross Diminished Value Claims Lawyer Near Me 404-214-2001
Who Could Be Responsible for the Diminished Value of Your Vehicle?
If you were involved in an accident through no fault of your own, other parties could be liable for your property damage and provide compensation for the diminished value of your vehicle. Just like with personal injury cases, there are many possibilities when it comes to the at-fault party in your case. Some of these parties could include:
Car accidents frequently occur due to human error. When other drivers make mistakes, you could face the consequences. Some factors that can increase the chances of a crash include speeding, driving while intoxicated, and driving while distracted. In any of these cases, another driver could be liable for the diminished value of your vehicle.
The employer of the at-fault driver might also be liable for your losses. For example, a trucking company could be liable for a truck accident due to its negligence in hiring an unqualified or undertrained driver. Additionally, employers typically share liability when their employees cause an accident while acting within the scope of their employment.
Accidents involving property damage can also result from defective vehicles or vehicle parts. Some examples include tires, braking systems, and headlights. When a defective vehicle causes a crash, the manufacturer could be responsible for your diminished value claim.
The Norcross city government could also share the blame for your accident. Municipalities are responsible for maintaining roadways within their boundaries. When they fail to do so, the road could represent a significant hazard. Some examples could include missing stop signs, potholes, or dangerous road design.
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You Could Be Entitled to Compensation for the Diminished Value of your Vehicle
If your vehicle was damaged in an accident you did not cause, you deserve to be compensated fully. This goes beyond the cost of repairing your damaged vehicle. You also have the right to seek compensation for the diminished value of your vehicle due to the accident.
Our team at Kaine Law is here to help you get a fair resolution in your case. If you are ready to discuss your options and learn how a Norcross diminished value claims lawyer can help you, contact us today for a free consultation.