What is Diminished Value?
A Diminished Value Claim arises in a situation in which you are involved in an accident that is not your fault and the at-fault party’s insurer is paying for the repairs to your vehicle. In addition to reimbursement for your rental expenses and loss of use, the at-fault party is responsible for paying the difference in value of your vehicle from the day before the accident to the day after the accident. In order to recover damages for a Diminished Value Claim you must document the extent and nature of the damage to your vehicle as well as the impact the damage has on its resale value. You do not need to sell the vehicle nor does your vehicle need to be new to recover damages.
Whether your vehicle is a brand new or a few years old, the fact is that your car’s resale value declines/diminishes after an accident. Through the purchase of a motor vehicle history report, vehicles that have been damaged in an accident are easily identifiable.
The MatteyLaw Diminished Value Difference
What You Need to Know
We handle diminished value claims on new and late model vehicles, luxury vehicles and collectibles.
We handle diminished value claims against the at-fault party’s insurance company.
We work on a contingency basis – no recovery, no legal fees.
We provide a free no obligation rough estimate from one of our experts (provided your vehicle meets our criteria).
Why do we require a copy of your repair estimate? The diminished value of your vehicle varies with the area damaged (frame damage versus cosmetic damage).
