You were hit by a vehicle and your car was badly damaged. The other driver’s insurance company pays for your repairs. However, the fair market value of your vehicle has diminished as a result of the accident beyond the repair cost. When you decide to sell your vehicle, potential buyers will estimate your vehicle’s worth based on its accident history and pay less than if your vehicle had not been in a crash. If you find yourself in this situation, you may be entitled to compensation for the lost value of your vehicle. Retaining an experienced diminished value attorney can help you receive the compensation you deserve.
What is Diminished Value?
Put simply, diminished value is a term that refers to the reduction in the fair market value of an automobile following an accident and after repairs have been made.
- Diminished value does not include the repair cost.
- Connecticut courts have recently recognized the law of diminished value highlighted by websites such as CarFax. These types of websites let a consumer know whether a vehicle they are interested in buying has ever been involved in an accident. A car that has been in an accident automatically has a lower fair market value than the same type of vehicle that has never been in a crash.
If you think you have a diminished value claim, consider the following:
- Was the accident due to the negligence or recklessness of another party?
- When the accident happened, were you the registered owner of the vehicle?
- Was your car repaired?
It is important to hire a skilled attorney when it comes to filing a diminished value claim. Attorney Michael P. D’Amico is well-versed in the law pertaining to diminished value claims and can help you hire the right experts that can accurately evaluate the true lost value of your vehicle. Call D’Amico Law today!
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