Are You Entitled to Diminished Value After Your Wreck?

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Many people don’t know the phrase “diminished value” and that may mean missing out on compensation. If your car was damaged in an accident caused by another, it’s important to understand how diminished value works.

(0:26) What Is Diminished Value?

If your car is damaged in a wreck, your car’s value will generally be less, even after the damages are repaired. Of course, car damage after an accident can vary significantly. If you sustained 75% or more of the total worth of your vehicle in damage, that car is considered totaled and you’re entitled to the full value of the vehicle from the at-fault insurance company. You can still keep a totaled car, but you’ll need a new title. On the other hand, if you sustained 25% or less of the total worth of the car in damage – no damage to the structural integrity of the car – then you’re not entitled to diminished value.

(1:17) Who Is Entitled to Diminished Value?

If your car suffered between 26 and 74 percent of its total worth in damage, you are generally entitled to compensation for that lost value. For example, if your car is worth $15,000 before an accident caused by the negligence of another and is worth $10,000 afterwards despite being repaired, that’s more than a 33% loss in the value of your vehicle through no fault of your own. The at-fault insurance company in this example owes $5,000 in diminished value on top of the cost of repairs.

Remember, the insurance adjuster is protecting the best interests of their employer, not you. An attorney can help you seek the full compensation you may be owed. Learn more about the traps and tricks some insurance adjusters may use at: https://www.farrin.com/car-accident-lawyers/insurance/

(2:16) What Should I Do After My Wreck?

You should focus on your health first and foremost. You also may have to worry about arranging transportation and about setting up repairs on your vehicle. Worrying about your fight for maximum compensation from the insurance company at the same time can make a difficult time more challenging.

You don’t have to handle this alone. Call us at 866-900-7078 and an attorney can review your case and let you know if we think you have a good one. There is no cost and no obligation.

At the Law Offices of James Scott Farrin, we are here to help. We deal with insurance companies and adjusters every day and we know how they operate. Let us take the burden off of you, starting with your free case evaluation: https://www.farrin.com/contact-us/

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