Diminished Value

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

Car accidents cause extensive financial damages. Following a collision, a driver may need to pay for medical bills, alternative transportation, lost wages, and/or repairs on their vehicle. As well as the direct property damage costs that can result from an accident, a vehicle owner can eventually sustain additional damages because their car diminished in value.

There is a way to account for this decrease in your car’s worth. Through a diminished value insurance claim, you can be further compensated 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 purchased and continues to diminish in value. If a car has been involved in an accident, it will automatically be worth less than it was before the collision. This is true of severe accidents, accidents with minimal damage, vehicles that are repaired to pre-accident quality, and vehicles that never return to their previous quality — any car will be less valuable following a collision. Although the car will diminish in value regardless of the quality of repairs, it will diminish more if the repairs are not done well. The vehicle’s initial value, age, history, mileage, and other factors can also impact the decrease in 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

When trying to sell a car after an accident, you will not be able to receive the same amount of money you would have gotten if the car was not involved in a collision. It is also much more difficult to sell a car at all if there is an accident in the vehicle’s history. Diminished value insurance claims give car owners an outlet for recovering the money they lost in selling their car because they were involved in an accident.

What is a Diminished Value Insurance Claim?

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

How Aizenman Law Group Can Help with Your Claim

Our diminished value claim lawyers in Tulsa can guide you through the process of recovering 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, our legal team is dedicated to ensuring our clients receive the full amount of compensation they deserve. Reach out to a Tulsa car accident lawyer. 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. To learn how we can help in your specific case, request a consultation today.

Complete our contact form or call 631-769-8431 to schedule a no-cost consultation with our Tulsa diminished value claim attorneys.

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