What is Diminished Value?
Simply put, your car is wrecked and needs repair, at the instant it was damaged the vehicle suffered a loss in value. Some of that value can be restored by repairing the vehicle, some of it, unfortunately, cannot. The loss in value that cannot be restored by repairing the vehicle is called the inherent diminished value.
How Does My Car Lose Value?
Once your car is damaged in an accident no one will pay the same amount of money for it after the accident that they would have before, even after the vehicle is fully repaired.
No one can prevent it, the car loses value because of market forces that no one has control over. The fact is, in today’s world, consumers will not pay as much for a car that has been in an accident.
Should The Insurance Company Cover This Loss Of Value?
In Ohio, the insurance company for the at-fault party owes you the inherent diminished value your vehicle has suffered. Many people do not know this, and never even ask the insurance company for this money. As a result, the insurance companies get away with not paying these claims in the vast majority of cases.
Do I Need A Diminished Value Lawyer?
If you try and make a diminished value claim with the insurance company on your own, be prepared for lots of resistance. However, many times an attorney is required to get a reasonable settlement from the insurance company.
The law firm of McKenzie & Snyder LLP provides a free case evaluation to anyone who might have a diminished value claim. Feel free to call or email me through this site and I will discuss your case with you.