Diminished Value

Is Your Car Worth Less After an Accident? You May Be Entitled to Compensation

Car accidents can drain your wallet and diminish your vehicle’s value, even after repairs. Following a collision, a driver may need to pay for medical bills, alternative transportation, lost wages, and/or repairs on their vehicle. When accounting for the hidden hit of your vehicle’s lower resale value, the financial toll piles up quickly.

There is a way to account for this decrease in your car’s worth. A diminished value insurance claim can further compensate for the gap between your vehicle pre-accident and post-accident value. Our Tulsa diminished value claim lawyers can assist with your claim and help you recover fair compensation.

Why Does a Car Diminish in Value?

A car is a depreciating asset that is worth less as soon as it is driven off the lot and will continue to lose value with every mile. Diminished value refers to a vehicle’s post-accident loss in market value. If a car has been involved in an accident, it will automatically be worth less than it was before the collision. 

Even a perfectly repaired car loses value after an accident. Damage history sticks, dropping your vehicle’s value by thousands of dollars. Poorly done repairs only worsen depreciation. The vehicle’s initial value, age, history, and milage also pay a factor.

Worse yet, a wrongful claim rejection by your insurer can leave you stuck with the loss, especially when facing wrongful denial insurance tactics like lowball offers and intentional misrepresentation. At Aizenman Law Group, our experienced call accident attorneys fight to recover your vehicle’s diminished value.

There are three types of diminished value:

• Immediate diminished value — The difference in a vehicle’s pre-accident and post-accident value
• Inherent diminished value — A vehicle’s diminished value following the car’s restoration to its pre-accident condition
• Repair-related diminished value — The lessening of a vehicle’s value that results from repairs of low quality

Trying to sell a car after an accident, can feel like a losing battle. With the help of a skilled insurance claim lawyer, diminished value insurance claims help you fight back. Even minor accidents can lead to significant losses, especially when the accident was not your fault. Our auto accident lawyers will ensure you’re not left footing the bill for someone else’s mistakes.

What is a Diminished Value Insurance Claim?

When a car’s value decreases following an accident, the vehicle’s owner could be entitled to compensation through a claim with the at-fault driver’s insurance company. Like pursuing medical coverage after a collision, you can file a claim with the other driver’s insurance provider to account for the financial losses resulting from your car’s diminished value.

Be prepared for challenges like wrongful claim denial, where insures unfairly reject your claim, or other wrongful claim insurance tactics designed to undervalue your loss and save the insurance company money at your expense. The car accident lawyers a Aizenman Law Group know how to counter these tactics, because we’ve been on both sides of the battle and know what the insurance company will do even before they do it.

How Aizenman Law Group Can Help with Your Claim

Our diminished value claim lawyers in Tulsa will diligently fight for compensation from an insurance company. After a car accident, you may be entitled to coverage for your medical bills, lost wages, and other resulting damages. A diminished value claim allows accident victims to receive benefits related to property damage, in addition to their injury-related expenses.

At Aizenman Law Group, insurance claim attorneys are dedicated to ensuring our clients receive the full amount of compensation they deserve. Reach out to a Tulsa car accident lawyers. We can assist you with gathering evidence, helping you navigate the claim process, enlisting the help of accident reconstruction specialists and medical experts, and spearheading litigation if necessary. Request a consultation today to learn how we can help in your specific case.

Complete our contact form or call 918-215-8856 to schedule a no-cost consultation with our Tulsa diminished value claim attorneys.

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