What is a Diminished Value Claim?
Bill Allen | November 17, 2017 | Car Accidents
At Allen Law Firm, we often get questions about Diminished Value Claims. Diminished Value (DV) claims involve a claim for the difference between what a pre-accident car was worth, and the market value of the car, post-repair. If the accident was clearly caused by another driver who is insured, DV claims can be submitted on behalf of the owner of the vehicle that is NOT at fault, after the repairs are complete. DV claims do not apply to vehicles that were deemed a total loss, as the loss of value is in the total loss payment, as a whole, and they are only usually sold for salvage parts. If you have thought about selling your vehicle after an accident, you may be told by a dealership that your vehicle is not worth as much as before, because it’s been in an accident. Some of the factors that go into establishing a diminished value claim involve the age and type of the vehicle, the mileage, the quality of the repairs and parts used, and the condition the vehicle was in prior to the accident. Even if the car repairs are done at a reputable shop with high quality standards, potential buyers may still be unwilling to pay as much for a car that has been previously damaged from an accident.
If you have a claim to discuss that involves the diminished value of your vehicle whether you’ve been injured or not, please call us at the Allen Law Firm in Ocala (352) 351-3258. We want to help make you ‘whole’ again!