What Are Diminished Value Claims in Texas Crashes?

 Posted on June 07, 2024 in Car Accidents

When someone else is to blame for a car crash that you are involved in, you generally get compensation for the costs related to any injuries you may have sustained and any damage to your car that needs to be fixed. However, once your broken bones have healed and your car has been repaired, it does not necessarily mean that everything is back to the way it was before. Even after a car is fixed, the damage caused by the accident might make it lose some of its value. That is where a diminished value claim comes in. If your car was damaged in an accident, speak with a skilled Van Horn, TX personal injury attorney to understand your rights.

How Can I Pursue a Diminished Value Claim?

Diminished value is a component of some insurance policies that recognizes the discrepancy between a car's worth before and after a collision, even after it has been repaired. It is not a required aspect, though, so you should review your policy and see if it is included.

The basic idea behind diminished value is that even if a car is repaired, it may still have lost value as a result of the accident. Say, for example, you own a car that is worth $35,000. The car is then damaged in an accident, and the bill you are sent to fix the damage caused comes to $5,000. After all the repairs are done, it is possible your car will no longer be worth $35,000 because the market values of cars tend to decrease after they are in a crash. In such a case, you might be entitled to compensation for the difference between your car’s value before the accident and after it.

To get compensation for the loss in value resulting from the accident, you need to be able to prove what your car was worth before the accident and then after it. To do so, you can use appraisal reports or other documents related to your car.

Keep in mind that not all insurance policies include diminished value coverage. If you are not sure whether you should pursue this, review your policy and speak with a lawyer who can review your case and offer you tailored advice.

Schedule a Free Consultation with a Sierra Blanca, TX Personal Injury Lawyer

If your car was damaged in an accident, you may be entitled to more compensation than you realize. Call James Kennedy, P.L.L.C. at 915-544-5200 to let a qualified El Paso County, TX car crash attorney review your case and help you seek the best outcome.