If your vehicle has been involved in an accident, you may be entitled to more than just having your car fixed. Insurance companies are not required to tell you that you can also make a claim for diminished value.
Diminished value claims relate to the value of a vehicle after it’s been repaired from an accident. The idea is that once a car has been repaired, it might look new but it’s not “as good as new.” The value has been diminished and you are entitled to compensation for the change in your vehicle’s value.
There are a number of factors to be considered in determining the loss or diminished value of your vehicle. For example, your vehicle’s year, the number of miles on the vehicle, the actual pre-accident resale value, the amount of property damage caused by the accident, etc. There are other factors to consider when valuing a claim for diminished value or property damage.
If the driver that caused the accident was driving while under the influence of drugs or alcohol (DUI), you could be entitled to punitive damages for both the personal injury claim and punitive damages for the property damage claim. This is not common but we at Kaine Law have had success in recovering punitive damages in property damage / diminished value claims as well.
For more information, clink the link to check out WSBTV – Channel 2 news’ recent story discussing diminished value claims in Georgia.