If you’ve been in a car accident in California, you may be entitled to compensation for the Diminished value of your vehicle.
Diminished value refers to the loss in the worth of your vehicle due to the accident, even after it’s been repaired.
In this article, we will discuss What Diminished Value is, How it is calculated, and How to pursue a claim for diminished value in California?
What is Diminished Value?
If a vehicle has been in an accident and is repaired to its pre-accident condition, there is no guarantee that it will hold its value. This is known as diminished value.
Even if the repairs are done properly, potential buyers may be hesitant to purchase a vehicle with an accident history, resulting in a lower market value.
How is Diminished Value Calculated?
Diminished value is calculated by looking at factors including the car’s age, mileage, the amount of damage, and the cost of repairs.
An expert Automotive Inspector will compare the vehicle in question to other cars of the same type available on the market to determine the amount of diminished value.
How to Pursue a Claim for Diminished Value in California?
To file a claim for Diminished Value in California, you must file a claim with the at-fault Driver’s insurance company. They will most probably conduct their own investigation to estimate the amount of diminished value.
But, it is usually recommended that you get your own evaluation of the vehicle’s value for a fair price. Insurance Companies can cheat you very easily, without you noticing. If your insurance company declines your claim or provides a settlement that is lower than the amount of the diminished value, you may need to take legal action.
In California, you have a limited time to file a lawsuit for diminished value. It’s critical to know that pursuing a claim for diminished value in this state can be challenging and requires the help of a skilled Personal Injury Attorney.
An attorney can help you navigate the claims process and ensure that you receive fair compensation for the diminished value of your vehicle.
In the event that you were involved in a crash in California, you may be entitled to compensation for the diminished value of your vehicle.
Diminished value is the lost market value of your vehicle due to an accident.
Even if you repair the vehicle to its original state, people still may not buy it at a fair price due to it being in an accident. The original value is lost.
To pursue a claim for Diminished value, it is advised that you receive an independent valuation of your vehicle and require the services of an experienced Attorney.