Diminished Property Damage Claims After an Accident

Diminished Property Damage Claims After an Accident

Car accidents can be very stressful for everyone involved. Many individuals become discouraged when they see the amount of damage to their vehicles. Often individuals fear this damage because of their vehicle suddenly having less value due to the accident. You can never restore a car to this original condition once it has been in an accident. You can repair it close to the original form, but it will never be completely the same after an accident. This means your car now is considered to have a diminished value so when you try to sell your vehicle, you will most likely receive less money for it because it has been involved in a car accident. Listed below are some helpful tips to keep in mind when dealing with a situation like this. 

Understanding The Diminished Value 

Many factors will affect how this is determined. The insurance companies will always want to fight with you so they can keep more money. The correct way to determine the diminished value is simple. You take the fair market value of the car before the accident and subtract it to the fair market value of the repaired vehicle. Insurance companies are always seeking ways to benefit them more. They look out for themselves first and want to find the lowest cost option possible for them even if it means it doesn’t benefit their customers. They will tell you to use a different calculation that will favor them more and give you less money. Between 2014 and 2016 auto insurances increased the property damage cost by almost 15%. In 2015, the state of Arizona saw about a 6% increase in average expenditures.

Don’t go through this situation alone. An experienced car accident attorney can fight for your rights and will challenge the insurance company on their formula so you can receive the proper amount of money for your vehicle. 

Know The Cost Of Repairs And Age Of Your Car

The diminished value of your car will depend on how many repairs your car needs. If your car needs more repairs then it will increase the amount of diminished value of your car. If your car is older than your vehicle will have less diminished value. If your car is older or had minimal repairs to it, then it might now be cost-effective to pursue a diminished value claim because you won’t be receiving very much money. Each case is different and depending on the type of vehicle, the type of damage done to the vehicle, the cost of the damage, and the age of the car. It can be difficult to determine all of those factors to see if a diminished value claim is worth it for your particular case. Hire a car accident attorney to help you determine the best legal option for your situation. 

Finding An Arizona Automobile Accident Attorney 

Phoenix, AZ - Bus Crash Causes Injuries on I-17 at McDowell Rd

It can be very confusing to determine the diminished value claim after your car has been in an accident. The auto accident attorneys at ELG want to help you understand all of your legal options and assist you in determining if you should file a diminished value claim. We will evaluate your entire accident to determine the best option for you and answer all of your questions along the way. Our attorneys work for our clients want truly want what’s best for them. Contact our team of highly trained Phoenix attorneys to explore all of your legal options and set up a consultation. Call us today at either Phoenix or Mesa Arizona law offices at (623) 321-0566.