Diminished Value Claim Attorney Answers Frequently Asked Questions about Diminished Value
If you are like most consumers you probably have never come across the term “diminished value claim.” This is because diminished value is one of the biggest secrets of the automobile insurance industry. When you are in an auto accident the other driver’s insurance company is not going to tell you that you can file a diminished value claim to recover for the loss in resale value of your car. The insurance company is going to try to do everything they can to minimize their payout to you.
Recognizing that most people are very unfamiliar with the concept of diminished value, our law firm has developed a list of some the most frequently asked questions about diminished value claims. We have also created a Diminished Value E-book which you can download for free from our website.
Diminished Value FAQs
Q: What is Diminished Value?
A: Diminished value is the loss in market value of your car as a result of being in an accident. Even if your car is fully repaired, it is still likely to have suffered a loss in value because of the perception that the vehicle can never be completely restored to its pre-accident condition. Put simply, no matter how well your car has been repaired, when you go to sell your car a purchaser is going to want to pay less for your vehicle once they find out it has been damaged in a collision.
Q: How do I know if I am eligible to make a diminished value claim?
A: In the State of Florida if you are the person at fault for the collision you will not be able to pursue a diminished value claim. However, because Florida is a “pure comparative negligence” state if you and the other driver are both to blame for the accident you may be able to secure a diminished value recovery based upon the percentage that the other driver contributed to your car’s diminution in value. You must also own your vehicle to make a diminished value claim. If your car is under a lease you will not be able to pursue a claim but it is important to discuss your case with an experienced diminished value attorney because your leasing company may want money from you for your vehicle’s diminution in value at the end of your lease.
Q: Do I need a lawyer to handle my diminished value claim?
A: Pursuing a diminished value claim on your own can be very difficult and time-consuming.When you hire an experienced diminished value claim attorney at our firm we will take the burden off of you and work to maximize your recovery. We use a quick and easy process and because our firm operates on a contingency fee basis, you will not be responsible for any costs or fees until we secure a recovery for you.
Q: What is the diminished value case involving Volkswagen and Audi all about?
A: This is a unique diminished value case involving Volkswagen and Audi owners who have suffered a loss in value of their cars due to Volkswagen’s and Audi’s fraudulent reporting of emissions test results on millions of vehicles with diesel engines. If you are the owner of a 2009-2015 Audi or Volkswagen with a diesel engine and think that your vehicle may have suffered a diminution in value as a result of these altered emissions results, we encourage you to contact our law firm immediately for a free consultation.