When a vehicle has been damaged, it loses value, no matter how much money is spent to repair the damage. This is known as diminished value, and it can be recovered in a legal claim filed against the party that caused the accident. A skilled diminished value lawyer can help victims with their claims.

The first step in pursuing a diminished value claim is to have an appraisal performed on the vehicle. This is a document that shows how much the vehicle lost in value due to the accident. The appraisal is submitted to the insurance company along with a demand letter. The insurance company will then review the documents and make a settlement offer. The insurance company may offer less than the amount of diminished value, and you may need to negotiate a higher settlement.

It is important to remember that it must be foreseeable that the vehicle would suffer diminished value after repairs. In the past, courts have rejected diminished value claims where the repairs did not put the car back into the same condition as it was prior to the accident (Franklin Corp. v. Prahler, 91 AD3d 49 [4th Dept. 2011]). Therefore, it is important to have a detailed diminished value appraisal and proof of the vehicle’s pre-accident value.

Generally speaking, there are several factors that determine the extent of a vehicle’s diminished value, including the type and severity of the damages, whether the damage is cosmetic or structural, the age and mileage of the vehicle, and how well the vehicle was repaired. The more severe the damages, the greater the loss in value. Newer vehicles with low mileage tend to have more of a diminished value than older, high-mileage vehicles.

In addition to the aforementioned considerations, there are a number of other factors that can impact when and how much an individual receives in a diminished value claim. For instance, state regulations and insurance policies may set limits on the time period in which a diminished value claim can be filed. It is also important to file a claim within the statute of limitations.

Diminished value attorneys can provide the necessary assistance to navigate the complexities of diminished value claims and advocate on behalf of their clients during negotiations with insurance companies. They can also help individuals gather and submit documentation to support their claims, which may strengthen the case and increase the likelihood of a successful outcome.

While there are numerous firms that handle diminished value claims, it is essential to find one with the experience and resources to successfully represent a client. An individual can research diminished value lawyers by contacting their local Bar Association or the American Bar Association’s website, which can provide background information on the attorney and their practice, as well as referrals to attorneys who have successfully handled diminished value cases in the past. Moreover, a reputable diminished value attorney should be familiar with the specific laws of the state where the individual lives.