No one wants to buy a vehicle that has been in an accident. If your vehicle is involved in an accident and has been repaired, you will receive less when you sell it. This is called diminished value. Knowing what your car’s worth both before and after an accident is very important. This helps the insurance companies decide how much to pay you for damages or whether to total it. Your vehicle will hold diminished value after the accident since it’s no longer worth as much.
Diminished value is the reduction in value to your car or other possession as a result of property damage. If your car is significantly damaged in an accident, your diminished value is the amount of market value you have lost due to the damage and repair to your vehicle; even if fully repaired, a damaged vehicle will carry less value than one that was never damaged. If you feel you have a diminished value claim contact a Seattle diminished value attorney today at Wattel & York, Attorneys At Law. Call toll free 877-572-4143 for a free legal consultation. Our experienced attorneys can help you get the money you deserve for the diminished value of your vehicle.
There are three main types of diminished value applying to diminished value claims:
- Immediate diminished value – The difference in the resale value of a motor vehicle immediately before being damaged and immediately after being damaged.
- Inherent diminished value – Quality repairs have been made to the motor vehicle, but it is still worth less than its pre-accident value because it has a significant damage history. This is the most widely recognized and accepted form of diminished value and is also the most common basis upon which any supplemental forms of diminished value would be added.
- Repair-related diminished value – Additional reduction to the value of the motor vehicle as a result of improper or incomplete repairs, poor quality repairs, or items left not repaired. Typically, the amount of repair-related diminished value is determined by the overall quality of the repairs.
Diminished value claims have been paid out in every state and by every major insurance company. Nearly every state, including Washington, allows individuals to file a claim of diminished value if their vehicle has been involved in an accident that is not their fault. And even if the other party does not have insurance, individuals who carry uninsured motorist coverage on their policy may be able to file a diminished value claim under their own policy. The Seattle diminished value attorneys at Wattel & York can help you file your diminished value claim.
If your damaged vehicle is relatively new and you are going to have the necessary repairs made, you may be entitled to the diminished value of the vehicle’s value. However, this is only true for repaired vehicles. If you vehicle was a total loss and totaled out, you should receive the full market value. At Wattel & York, Attorneys At Law, we will help you with your property damage auto claim. We will help you in determining the extent of damage to your vehicle and your possible entitlement to a diminished value amount. Call today at 877-572-4143.
It is important to keep in mind that every vehicle is different, and that the amount of diminished value will vary accordingly. A systematic calculation of your vehicle’s diminished value is therefore difficult. The attorneys at Wattel & York have the expertise and experience necessary to accurately calculate your vehicle’s diminished value following an accident. If you or someone you know has been the victim of an automobile accident and is considering filing a claim of diminished value, contact Wattel & York, Attorneys At Law, toll free at 877-572-4143. We serve Seattle, Tacoma, and all of Washington.