Diminished Value Lawyer: Getting Paid for Your Damaged Car
July 8, 2021
Car accidents are stressful both emotionally and financially. Even if you are not injured, the same cannot be said about your car. Vehicle repair is expensive and if the accident was not your fault, you should be fully compensated by the at-fault driver’s insurance company. But when it comes to car repair, there are problems that prevent you from being paid in full. Even after your car is repaired, the value of your car decreases. At the same time, insurance companies will avoid paying you what you are owed. If your car is damaged in an accident, consider these tips.
First, it is important to understand what diminished value means. Diminished value means the decrease in your car’s value after an accident, even after repairs are made. There will always be diminished value if your car is in an accident. This means you make significantly less money if you decide to sell your car. The insurance company should pay you for the cost of repair and the diminished value of your car. There are three types of diminished value:
Immediate: The difference in your car’s value from before the accident to after repairs have been made.
Inherent: The car has been restored to its original condition as closely as possible but is still worth less because it was in an accident.
Repair-Related: The decrease in value due to poor repair work.
If you do get into a car accident, consider these tips from Overland Park’s car accident and diminished value lawyer. You should immediately call 911 to report the accident and ask for the police and medical services. Even if you and your passengers do not seem injured, you should be examined by medical personnel because many injuries are not noticeable at first. It is also important for the police to document the details of the accident so these details are on the record and can be used to obtain compensation later. If you can, take some photos of the scene with your phone. If you are in the middle of a road, get yourself and any passengers out of traffic to a safe place to wait for emergency services. If there are witnesses present, you should speak to them about what they saw and obtain their contact information.
Remember that the insurance company is not your friend. From watching TV commercials and interactions with your insurance agent, you may think the insurance company is on your side and wants to help you. That is false. Insurance companies want to make money. The more money they pay you, the less money they make. Not only will an insurance company offer you payment amounts that are far below what you deserve, they will not even tell you about your car’s diminished value. Even if you ask them to pay for diminished value, they will do their best to avoid paying you and they have armies of lawyers to help them do that. If the insurance company contacts you, do not speak to them yourself or agree to sign any documents.
Regardless of whether you are injured, call a car accident and diminished value lawyer as soon as possible. Different states have different laws on how diminished value is calculated and these laws are constantly being updated. An experienced diminished value lawyer can use the law to help you figure out how much money you can get for diminished value, collect evidence for your claim, and determine the best way to get your money from the insurance company. Your lawyer can negotiate with the insurance company on your behalf. Insurance companies are more willing to pay when you have a diminished value lawyer because of the lawyer’s knowledge and the company wants to avoid litigation. If a fair payout cannot be obtained from negotiation, your lawyer can take your claim to court and force the insurance company to properly compensate you.
Mark Grover is an experienced car accident and diminished value lawyer in Overland Park who wants to make sure you are properly compensated for your injuries, your damages, and the diminished value of your car. Our consultations and case evaluations are free, so you have nothing to lose by talking to us. Feel free to call us at 913-432-1000, or visit our website for more information.
The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.