If you’re car has been in a wreck in the last two years you most likely have a diminished value claim.
What is Diminished Value?
Diminished Value is the loss in value your vehicle experiences after it has been in an accident, even if fully restored.
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 through 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.
Why Does Diminished Value Matter?
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. Fact is, in today’s world, consumers will not pay as much for a car that has been in an accident.
Once your car is damaged in an accident no one will pay the same amount of money for it.
Call McKenzie & Snyder LLP, The Diminished Value Lawyers, for a free consultation of your car accident and diminished value claim.
In Ohio, the insurance company for the at-fault party owes you this inherent diminished value your vehicle has suffered.
Many Ohioans 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.
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.
Sam Warden, an Ohio diminished value attorney, provides a free consultation to anyone who might have a diminished value claim.