If you’re the victim of an auto collision, you should know about filing for Louisville Diminished Value claims. Even if you aren’t aware of any immediate personal injuries, you should know that your vehicle has sustained a loss of value beyond the cost to repair it. Furthermore, the at fault party owes you the amount of your vehicle’s loss in value.
Be Aware: The at fault drivers insurance company and the adjusters they’ve sent, or are going to send to inspect your vehicle won’t, or haven’t mentioned your vehicles diminution in value. Even if they have however, it’s more than likely a nominal amount. The reason for this is because the insurance companies don’t like paying for diminished value, and most Louisville drivers aren’t aware, and know very little or nothing about it.
What Is Diminished Value?
The short answer is this. Inherent Diminished Value is the amount by which the resale value of a repaired vehicle has been reduced simply because it now has a significant damage history.
For example: If you or myself are in Louisville car shopping and find a vehicle we’re interested in buying, we know from reading consumer reports to always request a Carfax or AutoCheck report. The reason we review the Carfax or AutoCheck report is to look for and identify the vehicles accident history! Knowing if a vehicle has ever been wrecked is exteremly important before deciding to buy. There are significant safety considerations to be aware of.
The bottom line is that when a used vehicle’s Carfax or Autocheck shows a previous collision, not only are we not going to offer as much for it, we may not even buy it at all. It’s common knowledge that a previously wrecked vehicle can have a multitude of unseen problems. Even the best body shops can’t repair a vehicle back to its original factory condition. The end result is that it’s not as safe, road worthy, or valuable. Everyone but the at fault party’s insurance company seems to know this.
Why Should Diminish Value Concern Louisville Accident Victims?
Even if your car has been restored to the point where it looks and drives perfectly, it now has a nationally recorded vehicle history report. This history will show that it has previously repaired damages, and as such, your car is worth less money. Think about it, two identical cars, identical prices, however one has been in an accident, which would you rather buy?
This loss in value is recoverable under Kentucky law.
Examples Of Diminished Value
2014 Audi Quattro
- Pre-accident value $34,000.00
- Estimate of repairs $11,300.00
- Diminished Value = $4,600.00 (owed by insurance company)
2015 Dodge Ram
- Pre-accident value $43,000.00
- Estimate of repairs $3,200.00
- Diminished Value = $7,400.00 (owed by insurance company)
2016 Honda HR-V
- Pre-accident value $23,000.00
- Estimate of repairs $6,650.00
- Diminished Value = $5,500.00 (owed by insurance company)
Do You Qualify For A Diminished Value Claim?
If you’re the victim of a collision and are interested in learning more, call or text us today. Better yet, answer a few quick question on our CONTACT US page and we will be in touch with you shortly.
Text us at 502-890-9114 today to schedule a free consultation.
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