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How a Diminished Value Lawyer Can Help

A diminished value lawyer can help individuals recover the resale or trade-in value of their vehicle that was lost because it was involved in an accident. The amount of compensation that is recovered for diminished value can vary greatly depending on state law, and how much a car was worth before the accident occurred. An experienced attorney can provide assistance in evaluating the claim, and making a demand to the at-fault insurance company. They will also be able to assist individuals in obtaining evidence to support their claims such as repair estimates, photographs, and independent appraisals of the vehicle.

The process for recovering a diminished value settlement begins with having an independent appraiser conduct a thorough inspection of the vehicle and prepare a report. The report will include information regarding the current market trends and demand for vehicles with a similar make and model as the vehicle in question. It will also include a comparison of the current resale or trade-in values for the vehicle versus its prior value. Once the report is complete, it will be submitted to the at-fault insurance company for review. The insurance company will then either pay the claim in full, make a lower offer, or deny it.

It is important that the damaged party asserts a diminished value claim within the proper statute of limitations, or it may be too late to do so. A delay in the filing of the claim can cause it to be lost completely, even if it is valid and warranted by the facts and circumstances of the case. For this reason, it is critical that the injured parties consult with an experienced diminished value attorney to ensure that their rights are protected and that they have a strong chance of recovering maximum compensation for their loss.

Individuals can find a diminished value attorney by contacting their local Bar Association or the American Bar Association website, and searching for attorneys who specialize in diminished value claims. Once they have located an attorney, they should ask about their fees, including a contingency fee that is typically based on a percentage of any money recovered for their claim. They should also ask about the attorney’s previous experience with diminished value claims, as well as their ability to effectively negotiate with insurance companies.

In addition to seeking damages for a vehicle’s diminished value, injured parties may also be entitled to recovery of medical expenses, lost wages, and any other financial losses associated with the accident. In some cases, the at-fault party may be required to pay for gap insurance – a type of coverage that covers the difference between what a driver owes on their car loan and the actual cash value of the vehicle in the event of an accident or theft. For more information, contact an experienced car accident lawyer at Negretti & Associates. We will review your car accident free of charge, and if we determine that you have a valid diminished value claim, we will work to get you the best possible result.