HOW LOSS OF VALUE OR DIMINISHED VALUE CAN AFFECT YOU?
Posted on Saturday, August 8th, 2015 at 10:03 pm
What You Should Know About Diminished Value After a Car Accident?
You finally get your car back from the auto body collision shop after your car accident in Sacramento and everything looks great. You think to yourself that your car looks good and is back to it’s pre-accident condition. But does it still hold it’s full resale value? Did you know that even though your car looks like new it has lost some of it’s value just because you had a car accident. Don’t miss out on getting a diminished value credit after you are involved in a car accident.
Loss of Value or Diminished Value is the difference in the market value of a car that has never been in an auto accident compared to the value of an identical car that has been in an accident. Unlike depreciation, which is the predictable loss in value that occurs over time, Diminished Value is sudden loss in value due to an accident. When you have a loss like this you should be able to get reimbursed through a property damage claim.
How can I get money for Diminished Value?
By law you are required to reimburse a car owner for the difference between the car’s value prior to a wreck compared to the same car after the wreck. Therefore if your car is repaired after an auto accident you will most likely be due additional Diminished Value costs. This value can vary depending on the state you live in. In Sacramento, California insurance companies are required to pay Diminished Value. Never take anyone’s word for a value that is due to you. Always refer to a licensed appraiser to get your vehicle properly appraised after your car is repaired.
How Your Vehicle’s Value Could Be Less
There can be a variety of issues that lead to a Diminished Value after an auto accident. These factors can include how well the auto body shop did the repairs. It could also be affected by the quality of parts used in your car accident repair. Did the Sacramento auto body shop use genuine manufacturer replacement parts or some other cheap aftermarket parts? Aftermarket auto parts are most likely not of the same high quality as the original parts. Because of this your vehicle could lose value due to the sub-standard parts that were used.
Lastly the final factor that will affect your diminished value is how widespread were the repairs to your car. If your car suffered major frame damage that had to be fixed you will definitely lose value as opposed to just a small fender bender accident.
So take the advise of our Sacramento car accident attorneys and have your car appraised by a licensed auto appraiser after it comes back from any auto accident repair. You could be missing out on money due you as a result of your diminished value loss.
Get a free legal consult with a car accident attorney in Sacramento
If you would like a free consult with our Sacramento car accident attorneys give us a call. Here, at the Tiemann Law Firm, our car accident lawyers are dedicated to helping you and your family secure the financial help you need and deserve. Our Sacramento and Folsom, CA car accident attorneys can meet with you free of charge, and if we take your case, we will charge no attorneys’ fees unless you receive compensation. Clients come to us from not only Sacramento but also Folsom, Citrus Heights, Rocklin and other areas in Northern California and greater Sacramento, California.