Navigating Diminished Value Claims After Auto Accidents

In the aftermath of an auto accident, individuals can confront numerous problems, including damage to their vehicle. One issue that they might overlook is diminished value — a decrease in the market value of a vehicle after it has been involved in a collision. Understanding how to navigate diminished value is essential for anyone seeking full compensation for their damages. In this blog post, we will discuss some things to keep in mind when dealing with this type of claim. 

 

Understanding Diminished Value

Diminished value refers to the reduction in a vehicle’s market value due to its involvement in an accident. Even with meticulous repairs, a vehicle that has been in a crash is often worth less than one that has not. This decrease in value can be inherent as well as repair-related. Each type has its own nuances and should be evaluated by a certified auto appraiser. 

 

Steps to Effectively Handle Diminished Value Claims

1. Document the Damage to the Vehicle

The foundation of any successful diminished value claim lies in thorough documentation. We advise our clients to document the accident scene, take photographs of the damage, and obtain a copy of the police report. They should also have the vehicle repaired at a high-quality shop of their choosing and obtain a copy of the final repair estimate. This documentation serves as crucial evidence in the diminished value claim.

 

2. Get a Professional Appraisal

To accurately assess the diminished value of a vehicle, it is often necessary to obtain a professional appraisal. Our team works closely with certified appraisers who are experienced in evaluating diminished value. Their analysis ensures that clients have a comprehensive and credible estimate of the reduced market value of their vehicles.

 

3. Negotiate with Confidence

Armed with solid documentation and a professional appraisal, clients can negotiate with insurance companies from a position of strength. Our legal knowledge comes into play during negotiations, ensuring that clients are not taken advantage of and receive the compensation they deserve.

 

4. Consider Legal Action, if Necessary

In cases where negotiations with insurance companies hit a dead-end, we stand ready to proceed with litigation. By filing a lawsuit, the firm ensures that clients’ rights are protected and that they have the opportunity to present their case to a neutral decision maker. 

 

Conclusion

Navigating diminished value claims after auto accidents requires a strategic and informed approach. By following the steps outlined in this blog post, clients can confidently pursue their rights and secure the compensation they deserve. Understanding your rights is the first step toward reclaiming the full value of your vehicle.

 

Vames, Wang & Sosa Injury Lawyers are experienced in handling property damage and diminished value cases. From meticulous documentation to professional appraisals, we’re prepared to guide you at every step, ensuring you understand your rights and receive fair compensation for the diminished value of your vehicle. Don’t let the aftermath of an auto accident overwhelm you—call us today at 503-669-3426 for a free consultation. 

Emery Wang

Emery Wang

Emery Wang has been a lawyer in Oregon since 2009. While attending Lewis & Clark law school, Emery worked as a Multnomah County District Attorney, and since then has been a full time personal injury lawyer.

Vames, Wang & Sosa Injury Lawyers focus on vehicle crashes, personal injury, and first-party car accident insurance claims. They have offices located in Gresham and Hillsboro.

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