Making a Diminished Value Claim After an Accident
Making a Diminished Value Claim After an Accident

What is Diminished Value?

Diminished value refers to the loss of value in a vehicle due to an accident. You might think, Well, once the car is fully repaired, isn’t it restored to what it was valued at prior to the accident? Unfortunately, this is not the case. No matter how well the vehicle was repaired, a car with an accident history is almost always going to be worth less than the same vehicle that has not been in an accident.

This might not necessarily be a problem to someone who plans to drive the vehicle until it can go no longer. However, it is a significant issue if you plan to trade in or sell the vehicle down the road. Not only will the car be valued lower because of the accident history, but some dealerships will not even resell vehicles that have been involved in accidents. Instead, they put them up for auction and pay sellers less due to the diminished value.

How Do You File a Diminished Value Claim?

While California allows accident victims to recover money for diminished value, that does not mean the insurance company is going to make it easy. In most cases, you will have to prove the loss of value in order to receive a payout from the insurance company. To do this, you will need to have the car appraised by a professional. You might also consider requesting a trade-in value letter from a car dealer, which should state that the lower value is due to the vehicle’s accident history.

Then you will need to present this evidence to the insurance company and attempt to negotiate a fair payout for your vehicle’s diminished value. If you were injured in the accident and are working with a personal injury attorney to settle your claim, you can consult with them on seeking compensation for diminished value.

“Diminished value of a vehicle is one of the many effects of a serious accident that people often don’t think about,” said Attorney Walter Clark, founder of Walter Clark Legal Group.

Our firm has been handling personal injury cases throughout the California Low Desert and High Desert communities for over 30 years. With a 95% success rate, the California personal injury attorneys at Walter Clark Legal Group will fight to hold those responsible for your loss accountable and win compensation to cover medical bills, lost wages, and pain and suffering. If you have been injured in an auto accident and want to discuss your legal options, contact us today at (760) 777-7777 for a free consultation with an experienced personal injury lawyer. We have offices in Indio, Rancho Mirage, Victorville, and Yucca Valley and represent clients through the entire California Low Desert and High Desert communities.

DISCLAIMER: The Walter Clark Legal Group blog is intended for general information purposes only and is not intended as legal or medical advice. References to laws are based on general legal practices and vary by location. Information reported comes from secondary news sources. We do handle these types of cases, but whether or not the individuals and/or loved ones involved in these accidents choose to be represented by a law firm is a personal choice we respect. Should you find any of the information incorrect, we welcome you to contact us with corrections.

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