Diminished Value
What Is Diminished Value?
Diminished value refers to the loss in a vehicle’s market value after it has been damaged in an accident. Diminished value is the difference between what your car was worth before an accident and what it is worth after the accident, even after repairs. You can pursue a DV claim whether you were at fault in the accident or not.
For example, your vehicle was worth $15,000 before you were involved in an accident. You repair all the damage to the vehicle. However, the vehicle’s value has dropped to $10,000 because it now has a history of damage. The difference between the pre-accident value ($15,000) and the post-accident value ($10,000) means that the diminished value of your vehicle is $5,000.
Get Your Case Evaluation:
How to Know if You Have a DV Case:
- Age of your vehicle: must be less than 10 years old
- Market value of your vehicle
- Mileage: must have less than 100,000 miles
Why Hire an Attorney?
An attorney can help you navigate the process of filing a diminished value claim, which can be complex and time-consuming. They can also help you:
- Determine the amount of your car’s diminished value
- File your claim on your behalf
- Communicate and negotiate with the insurance company(s)
- File a lawsuit against the insurance company, if necessary
Not All Cases Qualify for a Diminished Value Claim in Georgia
Not all vehicles meet the requirements for a diminished value claim. Understanding the criteria you must meet can be difficult. If your insurance company alleges you do not qualify for a DV payout or denied your claim, we can investigate your accident to establish that you do qualify and deserve compensation.