Increase Your Settlement: A Guide To Diminished Value Claims

Accidents happen when you least expect them; when they do, it can be a traumatic experience. In addition to the physical and emotional pain, car accidents can have a significant financial impact, especially if you are not at fault. If you have been in an accident, you may be able to recover some of the losses through a diminished value claim.

There is an immense need to discuss the basics of diminished value claims in OKC and how an accident attorney can help you navigate the process.

Diminished Value Claims: The Definition

When you are involved in an accident that was not your fault, however, the accident can diminish the value of your four-wheeler. So, even after the repairs, your car will be worth less than before the accident. Because potential buyers will perceive your car as having been in an accident, making them less willing to pay top dollar for it. This reduction in value is known as the diminished value.

Types of Diminished Value Claims

There are two types of diminished value claims that you can make after an accident in Oklahoma City. They include:

1. Immediate Diminished Value Claim:

   This type of claim is made after the accident and before the repairs. The car owners base this claim on the lessened value of the damaged vehicle.

2. Inherent Diminished Value Claim:

   You must make this type of claim after the repairs when the vehicle returns to you. It depends on the difference in value between a vehicle that has not been in an accident and a vehicle that underwent repair.

How an Accident Attorney Can Help

Navigating the claims process can be challenging and overwhelming, especially if you are unfamiliar with the legal process. A car accident attorney can help you by:

1. Evaluating Your Claim:

   An experienced attorney can help you determine if you have a valid claim and how much you should seek damages.

2. Negotiating with the Insurance Company:

   Insurance companies are making money and will try to pay you as little as possible. An attorney can deal with the insurance company to ensure you receive a fair settlement.

3. Representing You in Court:

   In some cases, the insurance company may refuse to settle and that case may need to go to court. An attorney can represent you in court and fight for your rights.

The Process of Filing

The following is the complete process of filing for a diminished value claim. By following this process, you can secure the justified amount of money that may make up for your losses.

1. Contact an Accident Attorney: The first step in filing a diminished value claim is to consult with an experienced car accident attorney. They can guide you through the process and advise you on the best action.

2. Obtain an Appraisal: The next step is to get an appraisal of the vehicle's pre-accident value and its current value. This appraisal can be done by a certified appraiser or by the insurance company.

3. Gather Evidence: You must gather evidence proving your vehicle's diminished value. It may include repair bills, photographs of the damage and any other relevant documents.

4. Submit a Demand Letter: Once you have all the necessary evidence, your attorney will prepare a demand letter outlining your claim and supporting evidence. You will have to send this letter to the insurance company.

5. Negotiate a Settlement: The insurance company will likely respond with a counteroffer. Your attorney will negotiate with the insurance company to reach a fair settlement.

6. File a Lawsuit: If you cannot reach a fair settlement through negotiation, your attorney may recommend filing a lawsuit. It is a last resort; you should only do this if all other options have been exhausted.

7. Receive Payment: Once a settlement arrives or a judgment comes in your favor, you will receive payment for your diminished value claim.

Conclusion

You may be entitled to a diminished value claim if you have faced an accident. However, navigating the process can be challenging. That is why it is essential to have an experienced attorney on your side.

You will find some of OKC's most experienced accident attorneys at The West Law Firm. We are eager to help our clients receive the compensation they deserve. Contact us today to schedule a free consultation.

** Disclaimer: The above article does not imply a relationship between attorney and client, nor is it legal advice.