After your vehicle has been in an accident, it will lose some of its value, even following a complete repair. This is known as its diminished value and, no matter what your insurance provider says, you can actually file a diminished value claim to collect that gap of vehicle value. For example, if your car was worth $10,000 but is only worth $9,000 after being fully repaired after an accident, you can file a claim for $1,000.
It is no secret that insurance companies do not like handed out money to their customers. In many cases, they will actually put up a fight to avoid fulfilling any sort of coverage payment. If you are worried about this happening to you when you file your diminished value claim, our bad faith insurance lawyers in Corpus Christi can help you make your claim and stand up for your rights.
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While diminished value is always the portion of an automobile’s value that was lost and not restored after an accident, it can be caused by one of three kinds of diminished value. In your diminished value claim, you will need to provide specific details to prove that your car’s value has actually gone down, and that you deserve payment to make up for it. To do this with confidence, it helps to understand the three kinds of diminished value that may have affected your vehicle.
Diminished value may be:
Immediate: Loss of value caused the moment there is an accident, especially if repairs to fix the issue are not approved.
Repair-related: Any loss of value caused by an insurance company only authorizing the use of third-party, non-authentic parts in a repair.
Inherent: Value decreased caused by the fact that a consumer will be less likely to buy a car with a collision history, no matter how well the repairs have been accomplished.
In order to file a diminished value claim, you cannot be found completely liable for the auto accident that damaged your vehicle; additionally, someone must be liable, so “act of God” damage cannot trigger a diminished value claim, either. If you have already been through the motions of completing a car accident case, you should not need to worry about proving liability in your new claim. The next step in the process is showing all the costs for repair and how the value has likely dropped.
Gowan Elizondo LLP has become the go-to law firm throughout Southern Texas, from Corpus Christi to Laredo, for all cases regarding insurance claim disputes. If you have run into undue opposition from your insurer while trying to complete a diminished value claim, let our professional diminished value claim attorneys be the ones to help you. We can also assist you from the beginning to reduce the chance of having your claim denied in the first place.
Contact us online today and ask about setting up an initial consultation.