Diminished Value Claims
How to Try to Get Paid for Your Vehicle’s Diminished Value
Diminished value (DV) represents the loss of value of your repaired vehicle after it is wrecked. You may be entitled to DV if you were not at fault.
After your car has been wrecked and it is time for the insurance company to pay you for your car’s diminished value, they may not mention that this is something they potentially owe you. Here is what you need to know about trying to get paid for diminished value on your vehicle.
What Is Diminished Value?
Diminished value is the difference between your vehicle’s pre-accident value and the value of the vehicle after it has been repaired. Let’s say, for example, a car that has never been in a wreck may be worth $20,000 at resale, but worth thousands less if it had been in a car wreck and then repaired. The difference in those two amounts would be the diminished value claim. In other words, would you pay the same for a wrecked and repaired car that you would for a car that was never wrecked? Of course not.
Often, this is something some insurance companies may not include as compensation. Some people have to ask about diminished value payments. Then there are others who do not know there is such a thing as diminished value, let alone know enough to ask for it.
Then there are those who do ask for this compensation. Some are low-balled on the amount. Many have had to get us involved to try to recover what they were potentially (and rightfully) owed – something they had been paying for in their premiums.
Diminished value compensation is money some insurance companies often keep – money that might be yours!
ABC11 Talks to Hoyt Tessener About Diminished Value Claims
Senior Litigation Attorney, Hoyt Tessener, was featured in a news report on ABC11 about diminished value claims after a car crash. Click here to view Hoyt’s interview.
As car wreck attorneys, we see this money being left on the table A LOT. We almost always have to ask for diminished value reimbursement when demanding recovery for damages.
If we take your North Carolina car wreck injury case, we will evaluate whether you may have a diminished value claim. And we will negotiate with the insurance company to try to get them to pay for all the damages you are potentially due by law.
We think it is important for people to know that they may be entitled to diminished value payment if their vehicle has been wrecked due to an accident that was not their fault. (Diminished value claims are void if the accident was your fault.)
Get a Free Case Evaluation From NC Car Wreck Lawyers
If you have been injured in a North Carolina auto crash and we accept your injury claim, we will try to determine if you may have a diminished value claim and fight to try to get it for you, along with all compensation you may be due by law. Contact us, or call 1-866-900-7078 for a free case evaluation.
PS… Click here for other ways some insurance companies may try to keep money that is potentially owed to you.