Calculating Diminished Value After a Texas Car Accident
Often times, after a Corpus Christi car accident, car wreck victims are wondering, what happens now that my vehicle has depreciated in value, at no fault of my own?
To address this, your Corpus Christi personal injury lawyer should file a diminished value claim on your behalf. If you do not file a diminished value claim, or do not have a qualified personal injury lawyer in Corpus Christi who files the claim on your behalf, typically, insurers don’t put the effect the car accident had on the valuation of your car into consideration.
Understanding the diminished value of your vehicle after a car accident in Corpus Christi will help you recover fair compensation for the impact of the accident on your vehicle’s value. In this blog, we will discuss diminished value in detail, and how a car accident attorney can help you recover your damages.
What is the meaning of Diminished Value?
The value of your car typically drops whenever you are involved in a car crash. In Texas, where accident history must be disclosed when selling a car, a documented crash can make reselling your car a hassle later down the road. Many car buyers believe that a vehicle which has been involved in a crash is faulty or can lead to ongoing issues once it is repaired after a car accident.
In short, the diminished value of your car is the value of your vehicle before an accident, minus its value after repair works are carried out. Insurance companies may sometimes refuse to pay for certain repairs on your vehicle without proof that their insured caused the damage. It is also important to note that body shops are allowed to repair vehicles with used parts. In some cases, choosing a low end body shop to handle repairs can lead to the repairs not being properly performed.
Major factors of Diminished Value
- The age of your Vehicle: Most insurers do not want to pay diminishing value for older vehicles.
- The total distance covered by your vehicle: A higher vehicle mileage lowers the value of your vehicle.
- The make and model of your vehicle: The diminished value of a luxury car will be higher than that of a standard vehicle.
- Your vehicle’s accident history: Insurers usually pay less for vehicles that have a prior accident history.
How to File a Claim for Diminished Value in Texas
To file a successful claim, you need to prove:
- That your vehicle’s value is reduced as a result of another’s negligence
- The specific dollar amount your vehicle’s value has been reduced by
- The insurance policy allows coverage for the diminished value of a vehicle
Evidence to Support Your Claim:
- Officer’s Crash Report which shows where impact occurred and severety of impact
- Estimates and damage assessments
- Repair invoices and receipts
- List of parts used for repair
- Difference in resale value between vehicle not involved in accident and vehicle involved in accident
Contact a Car Accident Lawyer in Corpus Christi to Discuss Your Options
If you or a loved one has been involved in a car accident in Corpus Christi, a car accident in Dallas, or anywhere else in Texas caused by the negligence of another, you may be entitled to financial compensation. A personal injury attorney in Corpus Christi from The Patel Firm PLLC, has experience handling car accident claims, which include claims for diminished value. The Patel Firm PLLC is a Corpus Christi personal injury law firm with personal injury offices in Dallas and Corpus Christi. A Corpus Christi personal injury lawyer from The Patel Firm PLLC knows what to look for and how to get you the most out of your claim. At The Patel Firm PLLC, our Corpus Christi accident lawyers have helped countless of Texas car accident victims obtain compensation for their injuries. We are prepared to aggressively represent you until you get the justice you deserve. Speak to a car accident attorney in Corpus Christi today to discuss your options. You can call or email the firm at any time. 24/7/365, someone at The Patel Firm PLLC is ready and waiting to speak with you. Reach out to us today.
Let us handle the details with the insurance company. We’re here for you twenty-four hours a day, seven days a week. Let’s discuss your options. Call or contact us today for a free consultation.