When your car, truck, motorcycle, or other motor vehicle is damaged in an accident, its value drops. This happens even if you have the vehicle repaired. The insurance provider for the individual who caused the accident should cover your losses in this situation.
Our Georgia diminished value claims lawyers are ready to work with the insurance companies on your behalf to get you the compensation you deserve.
For a free legal consultation with a diminished value claims lawyer serving Georgia, call 888-612-7001
Compensation for Diminished Value Claims Varies
The compensation you could receive for the diminished value of your vehicle depends on numerous factors, some of which are somewhat subjective. Generally, however, the following considerations affect the compensation for this type of claim:
- Age of your vehicle
- Market value of your vehicle
- Vehicle mileage
- Title requirements
- Accident history
- Release of liability
Our lawyers know Georgia’s parameters for each of these elements that could make a difference in your eligibility for a diminished value claim. You can get some idea of how diminished value is calculated by reviewing the 17c formula worksheet, which State Farm Insurance developed at the request of the Commission of Insurance and Fire Safety.
The At Fault Party’s Insurance Coverage
Georgia’s Office of Commissioner of Insurance and Safety Fire stipulates that all Georgia drivers must have property damage liability insurance to cover property damaged in an accident where the driver is ruled at fault. The minimum property damage liability coverage is $25,000 per accident.
If an uninsured or underinsured motorist caused the collision that damaged your vehicle, you could file a claim against your policy’s uninsured motorist coverage if you have it.
Georgia Diminished Value Claims Lawyer Near Me888-612-7001
Our Diminished Value Claims Lawyer Will Handle the Insurance Companies for You
You have the right to collect compensation from the insurance company when their policyholder damages your vehicle, but this does not mean the insurer will make it easy for you to collect the money you deserve.
Insurance companies offer products and services to help people, but make no mistake, they are a for-profit business. They make their money by selling policies, not by paying out claims.
Bad Faith Insurance Tactics
Often, insurance companies respond to diminished value claims by denying them outright. They use many unscrupulous strategies to dodge a pay-out, including:
- Telling you your claim does not qualify
- Undervaluing your claim
- Intimidating you
- Stalling on their response to your claim
These are called bad faith insurance tactics, and our lawyers know how to fight them. The insurers will know we mean business, and we will get to the matter of settling your claim.
We Have Decades of Experience Handling Car Accident Cases
Insurance companies know the name George Sink, P.A. Injury Lawyers. Our law firm has protected the rights of injured people for over 40 years.1 We know Georgia law and how to make laws work for your benefit.
We apply the same passionate representation to property damage cases as we do our personal injury clients, fighting to get victims the compensation they are entitled to.
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Repairing Your Vehicle Does Not Restore Its Pre-Accident Value
Your vehicle will never be the same after it is in an accident. You could repair the vehicle so it functions, but the vehicle’s diminished value will come to haunt you if you ever try to sell it. Potential buyers know to check a vehicle’s accident history before making any purchase.
Whether you inform the buyer of a previous accident or not, chances are it will show up on a used car listing service like Carfax. This is the reason for Georgia’s diminished value laws. They compensate you now for the loss of value that could impact you later.
For example, if prior to your collision, your car had a value of $30,000, and after the accident, its value dropped to $25,000, the at-fault driver’s insurance should compensate you $5,000 – the difference between the pre- and post-accident values. The intent is to restore economic wholeness for you. Beyond this, you should also receive compensation that covers any vehicle repairs required.
Several Types of Diminished Value Could Apply to Your Case
Three types of diminished value exist, each one speaking to various forms of depreciation of a vehicle after a collision.
Inherent Diminished Value
The most common type of motor vehicle diminished value, inherent diminished value refers to the loss in value that happens simply because the vehicle has an accident history.
With inherent diminished value, any vehicle repairs are assumed to be of optimal quality. The amount represents solely the decrease in value that stems from the collision history.
Immediate Diminished Value
Your insurance company typically repairs damaged vehicles immediately after a collision, so this type of diminished value does not often surface in a claim. It represents the loss in resale value between the time of the accident and prior to any repairs being made.
Repair-Related Diminished Value
Sometimes, the loss of value to a vehicle exceeds what is lost because of its damage history. If substandard repairs further devalue your vehicle, you could recover this additional loss.
This could happen, for example, if the repair shop used aftermarket, rather than original equipment manufacturer (OEM) parts to execute the repairs. This diminished value is contingent upon an inability to restore the vehicle to its original condition.
Our Georgia Diminished Value Claims Lawyers Fight Hard for Compensation
If you were not at fault for the collision that damaged your car, you should consider filing a diminished value claim with the at-fault individual’s insurance company soon after the crash. Waiting to file only makes it more difficult to gather evidence—and your vehicle could depreciate in value as you wait to take action on the matter.
Insurance companies make it their business to make this type of claim difficult for you. Rather than suffer through their tactics of manipulation and intimidation, consider relieving yourself of the headache and calling our law firm to handle the matter for you.
Our attorneys are happy to come to your office, hospital room, or home to discuss your case. Call us today for a free case review: (888) 612-7001.