A diminished value property damage claim allows claimants to seek money for the difference between a vehicle’s pre- and post-accident value. Even once you repair a damaged vehicle, its value is less than before an accident. Therefore, you may seek fair compensation for the difference between those two values.
Nobody should have to pay for financial losses they did not cause. If someone damaged your vehicle, they should cover repairs and the diminished resale value they’ve caused. A diminished value property damage claim allows you to seek compensation for the latter loss. A car accident lawyer may be able to help with your claim, so do not hesitate to reach out.
Who Should Consider Filing a Diminished Value Property Damage Claim?
It is not always apparent whether a diminished value claim is worth your time or effort or you’re eligible to file such a claim. An attorney from our firm can answer your questions about diminished value property damage claims.
You may generally consider a diminished value property damage claim if:
- You were involved in a motor vehicle accident.
- Another driver (or party) was at fault for the accident.
- You have reason to believe your vehicle is worth substantially less than its pre-accident value, even after repairs.
Getting into an accident may be reason enough to explore a diminished value property damage claim.
Vehicles Lose Value by Being in an Accident
When buyers shop for a used vehicle, one of the most important criteria they consider is if a vehicle has a history of accidents. Some buyers will avoid buying a vehicle involved in even one accident, proving that accidents lower a vehicle’s value to some degree.
Vehicles can lose thousands of dollars in value from serious accidents. The amount of value a vehicle loses because of an accident may depend on:
- The vehicle’s make and model
- The vehicle’s production year
- Whether the vehicle has been in other accidents
- The vehicle’s mileage
- How you plan to use the vehicle before you consider selling
- The nature of the damage sustained during your accident
We will consider these factors when advising you whether to pursue a diminished value property damage claim. If your vehicle lost significant value because of your accident, the effort required to complete a diminished value claim may be worthwhile.
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Types of Diminished Value Property Damage Claims to Consider in Texas
A car accident lawyer can explain the types of diminished value property damage claims that Texas allows, which may include:
- Inherent diminished value of the vehicle: This diminished value property damage claim reflects the value loss your vehicle suffers simply by being in an accident. Even if repairs were completed properly, you may be able to file an inherent diminished value claim.
- Repair-related diminished value of the vehicle: You may file a repair-related diminished value claim if those tasked with repairing your vehicle did not perform the job as they should have. You may also pursue this claim if, even after adequate repairs, your vehicle cannot achieve its previous state before the accident.
- Immediate diminished value of the vehicle: This claim type reflects the immediate value a vehicle loses when an accident happens. In the context of your accident, our attorneys will explain how an immediate diminished value claim may differ from an inherent diminished value claim.
Auto insurance claims can be challenging to understand, and diminished value property damage claims can be even more difficult to understand than other claim types. Our attorneys understand these claims and are ready to evaluate your car accident case today.
Can a Lawyer Help With a Diminished Value Property Damage Claim?
Whether you want to learn more about diminished value property claims or you know you want to pursue such a claim, speaking with a lawyer from our team can be a great help. If you decide to pursue a diminished value property damage claim with our help, an attorney from our team will:
Determine If an Insurance Policy Allows for a Diminished Value Property Damage Claim
Standard collision insurance does not generally cover diminished value. Therefore, we will review the at-fault party’s insurance policy to determine if it covers the diminished value of your vehicle. Whether by obtaining a copy of the policy or speaking with the insurance company, we’ll determine if you have contractual reason to pursue a claim.
Assess the Diminished Value of Your Vehicle
We will work with automotive professionals to calculate how much value your vehicle has lost because of the accident. These professionals may rely on authoritative sources like Kelley Blue Book, their knowledge of prevailing prices for used vehicles, and experience selling vehicles with prior accident damage.
We will work to obtain as much objective, detailed documentation as possible to support the calculation. This way, we may have a strong negotiating position as we seek money from the liable insurer.
Negotiate With the Liable Insurance Company for the Compensation You Deserve
Our attorneys will negotiate with insurance companies on your behalf. We will provide evidence that another motorist caused your accident, explain the repairs that have been completed (or will be completed), and detail why your vehicle will still lose value despite repairs.
The Texas Department of Insurance (TDI) explains that insurers may be liable to pay for diminished value through a third-party liability claim. We will explain your options for seeking fair compensation after a motor vehicle accident in Texas.
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Call Loncar Lyon Jenkins Today for a Free Consultation About a Diminished Value Property Damage Claim
There is generally a two-year statute of limitations for filing a diminished value property damage claim in Texas. You should not wait to hire a lawyer from our personal injury firm, as the window for filing your case is likely closing each passing day.
Contact Loncar Lyon Jenkins today for a free consultation. When you want to seek complete compensation for accident-related damages through a diminished value property damage claim, call in the Strong Arm to lead your case.