Diminished value claim in Texas
Diminished value is the automatic loss in value of your car that occurs as a result of a car accident. Even if your vehicle is fully repaired after the collision, it will still be worth less simply due to the fact that it has been in accident.
For example, say your 2007 Mercedes-Benz was worth $30,000 before the car accident. Your bumper was crushed in the accident, but the other driver’s insurance company paid to have it repaired. That should mean your car is still worth $30,000 since it was fully repaired, right?
Maybe in theory but not in reality. The reality is a person is not willing to pay as much for a car that has been in an accident as they would pay for the same car if it hadn’t been in accident. Because of the accident, you might now only be able to get $25,000 if you sold your car. That’s a diminished value of $5,000.
The upshot is that you have suffered a $5,000 loss, and you should be compensated for that loss. That’s where a Texas diminished value claim comes in. If the accident was not your fault, the insurance company of the at-fault driver must compensate you for your car’s diminished value.
To learn more about the compensation to which you are entitled from your car accident, contact Fears | Nachawati today for free legal advice. Simply email us or phone us toll free at 1.866.705.7584.
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