If you were involved in an accident and are struggling with recovering compensation for your vehicle’s diminished value, Kaine Law can help. Our lawyers can file a claim on your behalf and handle all communication with insurers.
What is Diminished Value?
The term “diminished value” is used to describe the economic value lost after property is damaged. When dealing with car crashes, diminished value (DV) is typically used when an automobile damaged in an accident is repaired and will never return to its pre-accident value or its original pre-accident condition.
For example, your vehicle was worth $12,000 before you were involved in an accident. You repair all the damage to the vehicle. However, the vehicle’s value has dropped to $8,000 because it has a history of damage.
Diminished Value vs. Depreciation
Diminished value should not be confused with depreciation. Depreciation refers to the anticipated and predictable loss in value over time. All new vehicles begin the process of being devalued the moment they are driven off of the dealer’s lot.
In comparison, diminished value is described as a loss in monetary value due to a specific and unexpected negative occurrence like a car accident.
What an Experienced Attorney Can Do for You
Our personal injury attorneys have years of experience providing legal advice and helping our clients file claims for their auto accidents to secure compensation.
These legal processes can be difficult to understand, but with our team’s commitment to client relationships, we can help you and your car get back on track. We will also:
- Determine the amount of your car’s diminished value
- File your claim on your behalf
- Communicate and negotiate with the insurance company(s)
- File a lawsuit against the insurance company, if necessary
If you suffered injuries in the accident, we can also file an injury claim on your behalf.
We Understand the Law
In Georgia, you can make an accident claim for diminished value directly to your own insurance company, even if you were at fault for the accident.
By law, your insurance company cannot increase your insurance premium and it cannot cancel your coverage as a result of a successful DV claim.
With Kaine Law on your side, our team can negotiate with insurance companies to help you get the compensation you deserve.
Types of Diminished Value
Three kinds of diminished value may occur as the result of an accident:
- Repair-related: Repairs are unable to bring the vehicle back to its original condition before the accident, therefore, lowering its value.
- Immediate: This indicates the difference in resale value directly before and after the accident.
- Inherent: After the vehicle has been fully repaired, it is still worth significantly less due to serious damage in its vehicle history.
Not All Cases Qualify for a Diminished Value Claim in Georgia
Not all vehicles meet the requirements for a diminished value claim. Understanding the criteria you must meet can be difficult. If your insurance company alleges you do not qualify for a DV payout or denied your claim, we can investigate your accident to establish that you do qualify and deserve compensation.
Act Quickly to Avoid Overstepping Georgia’s Time Limit
You have a limited amount of time to file a diminished value claim. If you fail to file within the allotted time, you may be ineligible for a diminished value payout.
Get Help from an Experienced Legal Team
Under O.C.G.A. § 33-4-7, insurance companies are required to compensate qualifying claimants for diminished value. However, that does not mean these claims are easy to handle. You do not need to manage the process alone.
With offices across the state, Kaine Law offers our services to residents in Atlanta, Conyers, Lawrenceville, and Stockbridge. We represent clients in diminished value claims from vehicle accidents, other incidents where property is damaged, and personal injury cases.
Call our team today for your free consultation: (404) 214-2001. During your free consultation, we will discuss how we could help you. Hablamos Español.