What is a Texas Diminished Value Claim?
Traffic accidents damage over a thousand of motor vehicles each year. National Highway Traffic Safety Administration states that a motor vehicle collision happens about every ten seconds in the United States alone. Diminished Value Claim Texas Attorneys Ramji & Associates are experienced in this area of law.
There are often times financial consequences involved long after your automobile is repaired and in working condition. A vehicle that has been involved in an auto accident is permanently diminished in value. Diminished value occurs when an automobile involved in an accident suffers structural damage, cosmetically, or within its inner workings. Even if the vehicle is repaired to its pristine, before-crash condition, it is still worth significantly less money than it was before the auto accident happened.
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The diminished value of an automobile becomes clear when an individual attempts to sell or trade in the vehicle. Most states demand full disclosure of any and all accidents in which the vehicle may have been involved. As most prospective buyers gravitate towards vehicles that have not been involved in an accident, an owner of a vehicle that has been involved in an accident will receive significantly less money for his or her vehicle than if the vehicle were never involved in any accidents.
Three main types of diminished value apply to diminished value claims. Not all three types of diminished value are always used when legally compensating individuals for the diminished value of their vehicles. These three main types of diminished value are the following:
1. Inherent diminished value: This type of diminished value or lost value refers to the loss of a vehicle’s market value. It is the most widely recognized and accepted form of diminished value and is also the most common basis upon which any supplemental forms of diminished value would be added.
2. Immediate diminished value: This type of diminished value refers to the difference in resale value of the vehicle because of an automobile accident.
3. Repair-related diminished value: This type of diminished value refers to the depreciated amount of a vehicle as a result of improper or incomplete repairs, poor quality repairs, or items left un-repaired. Typically, the amount of repair-related diminished value is determined by the overall quality of the repairs administered.
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Diminished value claims have been paid out by every major insurance company and in every state. Almost every state allows individuals to file a claim of diminished value if their vehicle has been involved in an accident that is not their fault. And even if the other party does not have insurance, individuals who carry uninsured motorist coverage on their policy may be able to file a diminished value claim under their own policies guidelines.
There are two different types of diminished value insurance claims:
First party insurance claims and third party insurance claims. First party insurance claims take place when individuals damage their own car and their insurance company pays the claim. In first party insurance claims, individuals can still recover the lost value of their vehicle assuming their insurance company does not specifically exclude coverage for diminished value. Third party insurance claims occur when a negligent driver damages another party’s vehicle and the negligent driver’s insurance company pays the claim. In third party insurance claims, all state courts generally support claims for diminished value as long as the loss can be proven.
Several factors may affect the calculation of your vehicle’s diminished value, including:
The vehicle’s condition before the accident
The vehicle’s age
The vehicle’s value undamaged
It is very important to keep in mind that every vehicle is different, and that the amount of diminished value will vary accordingly depending on make, model and current/prior conditions. A systematic calculation of your vehicle’s diminished value is necessary. An individual can also pursue a diminished value claim on his or her own by requesting that his or her insurance adjuster address the diminished value of his or her vehicle. However, unless that individual is trained to handle diminished value claims, his or her request will most likely be turned down by the insurance company. That’s why you should contact Ramji & Associates. Only the attorneys at Ramji & Associates have the expertise and experience needed to accurately calculate your vehicle’s diminished value following an accident.
Start your claim today
If you or someone you know has been the victim of an automobile accident and is considering filing a claim of diminished value, don’t hesitate to contact Ramji & Associates. Call us at (713) 888-8888 or complete a free case evaluation form on our website.
There IS NO FEE TO YOU, unless there is a settlement. If you do not collect, Ramji & Associates bears the costs.
The initial consultation is free of charge! If we take your case, we work on a contingent-fee basis — which means you pay us only if you receive a monetary reward or recovery of fees. Please, don’t hesitate any longer. Lawsuits must be filed before the statute of limitations in your state expires. You may have a valid claim entitling you to compensation for diminished value caused by an automobile accident. Act now!