Photo Credit: Harper Law Co
Oddly enough, residents of Kentucky are not commonly familiar with diminished value claims on their wrecked automobiles. Due to this lack of knowledge they’re leaving a lot of money on the table after their vehicles have been repaired by their insurance carriers.
Face it. After your vehicle has been wrecked then repaired, the value when it comes to reselling it has been dramatically reduced. A vehicle owner can be compensated for this “diminution in value” by their insurance carrier. They just have to know how to work through the claims process.
What is Diminished Value and How Does it Work?
Diminished Value is the difference in the value of your car the moment before a collision and then the moment directly after repairs have been completed. The diminished value is the portion of your harm that cannot be fixed. After your vehicle is fixed the damage is recorded and available to any future buyers via a VIN check, or CarFax. If you take two identical cars and one of them has never been repaired due to a collision, and the other one has. The one that has never been wrecked will be more enticing for a future buyer to purchase. Most buyers do not want to own a previously wrecked vehicle due to the “inherent” problems that it may have from the original damage. The difference in what someone is willing to spend for your previously damaged vehicle is your diminished value claim.
Examples of Kentucky Diminished Value
2012 Chrysler 300 Limited
- Pre-accident value $31,584.79
- Estimate of repairs $5,499.60
- Diminished Value = $6,632.81 (owed by insurance company)
2003 Toyota Corolla CE
- Pre-accident value $11,579.00
- Estimate of repairs $6,625.00
- Diminished Value = $3,554.00 (owed by insurance company)
How Can I Get Assistance With A Diminished Value Claim
Contact a local attorney that specializes in Diminished Value Claims. Kentucky residents are advised to try Harper Law Co. The Harper Law Co provides a free initial consultation. In addition, if you’ve been injured they can assist you with a personal injury claim. *THIS IS AN ADVERTISEMENT*