Diminished Value Claims
For many people, a vehicle is the largest purchase that they will ever make in their lives, aside from buying a house. People work hard to save money to buy the new car of their dreams or the car that will get them from point A to point B. There is no greater feeling than when you get the keys and drive it off the lot knowing it is all yours. However, all that can change in the blink of an eye.
In an instant, your new car can be involved in an accident requiring expensive repairs and worth significantly less than what it once was before the collision. Most cars permanently lose their value after a vehicle accident, even if it has been repaired properly. This is called Diminished Value. If your vehicle has suffered structural or cosmetic damage as a result of the negligence of someone else, you may be able to pursue financial compensation by filing a diminished value claim. Whether it is your commuter, weekend exotic driver, boat, motorcycle, truck, recreational vehicle, or fleet vehicle, the experienced legal team at Premier Law Group will help you build a strong claim.
How Premier Law Group Will Help with Your Diminished Value Claim
Even if you have used the services of a body shop before, the process can seem foreign and overwhelming. There are many body shops out there, but not all are equal. Let the attorneys at Premier Law Group help you navigate the repair process from day one so that your vehicle is repaired properly. This way you can rest assured that the car is put back into shape as best as possible considering the extent of the damage.
While insurance companies may refer you to certain body shops that they are affiliated with, it is your right under the law to choose a body shop of your choice. You also have a right to a rental vehicle while your car is being repaired. That rental vehicle should be of similar type and make as your car. If you do not receive a rental, then you are entitled to recover the cost of renting a similar vehicle for the time that yours is in the shop.
After your vehicle is repaired, we can help you:
- Evaluate your claim for diminished value
- Find the right appraiser to evaluate your specific loss
- Present that claim to the insurance company so that you can maximize your chances at recovering diminished value
No two claims are the same. Do not be fooled by online calculators that claim to use a proprietary formula to calculate your loss. To get help with your diminished value claim, it is crucial that you work with a skilled attorney.
What Determines How Much My Vehicle Has Lost In Value?
After a person purchases a car, there is often sentimental value attached to how much you believe your car should be worth. To decipher between the emotional investment you had in your vehicle and the actual worth, it is important to have your car appraised by a professional. When a person is dealing with a diminished value claim, in most cases an appraiser will look at a few common factors:
- Is the car new?
- Does it have low mileage?
- Did it suffer frame damage?
- Was there any prior collision damage?
- Is the car a collectible?
- Is the car an exotic?
- Was the vehicle repaired at a certified facility?
If you believe that your car was not accurately or fairly appraised, our knowledgeable diminished value lawyers may be able to help by reviewing the details of your claim.
What Should You Do If Your Car Is Damaged by Someone Else?
Accidents happen when they are least expected. It has been reported that there are several million car accidents that occur in the United States every year. Even the safest of drivers may fall victim to a car accident when a negligent driver is involved. If you or a loved one has been involved in a car accident that left your car damaged, the following steps are crucial for your safety and for your claim:
- Call 911 and get a police report if possible.
- Document the damage to all vehicles.
- Immediately call your insurance company to file a claim. Even if the accident was the other person’s fault, it is almost always better to use your own insurance company.
- If you do not feel safe driving your vehicle, DON’T. Have the vehicle towed to a body shop of your choice.
- In order to maintain your manufacturer’s warranty, some car companies require that you get your car fixed at a “certified” shop. Not all body shops know how to fix Teslas, Porsches, Audis, Bentleys, or Ferraris.
- Make sure you document and keep all estimates and invoices.
In addition to these steps, it is essential that you get in contact with the skilled diminished value lawyers at Premier Law Group as soon as possible. Our legal team will help you collect all the necessary evidence and information needed to build a strong claim as you pursue the compensation you are owed.
Contact a Skilled Diminished Value Lawyer
After you invest money into purchasing a new vehicle, you expect you will have that car for a long time and someday be able to sell it for a good sum of money. However, when that car becomes damaged and the value of it is diminished, this realization can be devastating. While you may be feeling hopeless, there is still a way to get the compensation you are owed. Contact a skilled diminished value lawyer as soon as possible to begin building your claim.
Premier Law Group is a top-rated law firm dedicated to helping clients get the compensation they deserve. We are proud to provide clients with the trusted legal services they deserve. Our diminished value attorneys have many years of experience fighting insurance companies, contact us here or call us now at (206) 880-7518 to get a free consultation.