Recouping The Diminished Value Of Your Vehicle After An Accident
After a motor vehicle accident, securing your safety, protecting your loved ones and seeking medical attention are all top priorities. After the initial shock of the accident has passed and you try to get back to your life, a totaled or damaged vehicle can be a significant disruption.
What Is “Diminished Value?”
Even if a vehicle is repaired after a wreck and looks brand new, it loses some market value. Most consumers will not pay the same amount for a car that has been totaled and repaired compared to a vehicle with no accident history.
Diminished value is the amount of resale value lost when a car is damaged or repaired. In California, motorists may be entitled to pursue the diminished value of their vehicle after an accident. Particularly if your vehicle was in good condition and carried significant value before the accident, there may be significant compensation available. The statute of limitations to pursue a diminished value claim is three years, except for the at-fault party, who is not eligible to make a claim.
Diminished value may seem like a straightforward concept, but securing this compensation is rarely easy. Insurance companies have gone out of their way to avoid paying diminished value claims, and many law firms do not handle these claims.
At Woods Williford, P.C., we have helped hundreds of people recover financially from auto accidents. We know that a damaged or totaled vehicle can make it more difficult for you to move forward, so we are proud to assist California motorists with their property damage claims while we handle their personal injury case.
Comprehensive Guidance After An Auto Accident
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For assistance with diminished value, personal injury and other challenges after a motor vehicle accident, we encourage you to contact us for a free initial consultation and case evaluation. To speak with a member of our experienced team, please send us an email or call 949-558-2245.