Diminished value is the difference between a vehicle’s pre-loss (pre-accident) market value and its post-loss market value. It is the difference between what your vehicle was worth before it was involved in an accident and what it is worth now that it has been damaged in an auto accident. Diminished value claims compensates you for the fact that your vehicle will be worth less after being involved in an accident.
After the accident, an insurance company will either decide to repair your vehicle or declare it a total loss. If your vehicle is declared a total loss, you should be compensated for its fair market value. This compensation will come either from your insurance company or the at-fault driver’s insurance company. You cannot bring a diminished value claim if your vehicle has been declared a total loss. However, if your vehicle is repaired, then chances are good that it will suffer a significant loss in value.
Even if you were not injured, if your vehicle was damaged, then you may have a claim for diminished value. Speaking to an automobile liability attorney is important to make sure your insurance company is compensating you appropriately. At Kroll & Johnson, P.C., we have handled hundreds upon hundreds of diminished value cases, and we will do everything possible to make sure you are fully compensated. The initial consultation is free, and there is no risk to you – we don’t get paid unless we win your case.
Why will my vehicle be worth less after it is damaged in an auto accident?
When a vehicle is damaged in an auto accident the result is a real economic loss to the owner. This is because after a vehicle is in an accident, a potential buyer will most likely not be willing to pay fair-market value for the vehicle. Instead, they will want a discount because the vehicle has been involved in a car accident. Generally, the greater the property damage the greater the diminishment in value to your vehicle. There are other factors that influence the amount of diminished value your vehicle will suffer such as:
- The make of the vehicle
- The model year of the vehicle
- Whether the vehicle suffered structural damage
- Whether the vehicle was in prior accidents
- What part(s) of the vehicle were damaged
- Whether the air bags deployed
- Whether the vehicle qualified for Certified Pre-Owned Status (CPO)
- How the vehicle was repaired. For example did the insurance company only pay for salvage parts, remanufactured parts, or OEM parts?
How will Oregon law decide if my vehicle has diminished in value?
If you are not at-fault for the accident, then you may be able recover from this economic loss through what is referred to as a “Diminished Value” claim. At Kroll & Johnson, P.C., we have helped countless individuals recover the economic loss that resulted from the property damage to their vehicles by bringing Diminished Value claims. We offer free consultations for diminished value claims.
How much has my car Diminished in Value?
Often we can tell you if we believe your car has suffered diminished value by talking with you over the phone for just a couple of minutes. If we decide to accept your diminished value case, we will cover all the costs of bringing you claim. Part of these costs will be hiring a Diminished Value Expert to ascertain exactly how much value your vehicle has lost. Remember, we do not get paid unless we win. You do not pay us a dime to recover the diminished value of your vehicle unless and until we win.
How long does it take to recover diminished value for my vehicle?
We can recover compensation for the diminished value of your vehicle in as little as a month. On average, diminished value claims are resolved in 60 to 90 days from when you first consult with the attorneys at Kroll & Johnson, P.C. If an insurance company refuses to fairly compensate you, then we will not hesitate to litigate your claim. If an insurance company forces us to litigate your claim, then we can and will try your claim in front of a jury or arbitrator. We have a proven track record of recovering fair compensation for diminished value claims though litigation.
Auto Damage Lawyers located in Oregon
There are no upfront costs to retaining an attorney at Kroll & Johnson, P.C. to bring your diminished value claim. We do not get paid unless we win. Often, the attorneys at Kroll & Johnson, P.C. force the insurance company to pay their attorney fees! This means you may get to keep the entire award an arbitrator or jury decides you are owed as fair compensation for the diminished value to your vehicle.