West Covina Car Accident Attorney, Lem Garcia - What You Probably Didn’t Know About Property Damage Recovery In Car Accident Claims
Even after your car has been repaired and it looks as good as new, it's probably not worth what it used to be. The mere fact that your car has been damaged in a car accident may mean that its inherent market value has dropped. Many people don’t want to purchase a used car with an accident in its history.
Don’t worry. There is hope. Thankfully, in California you can request to be compensated for the diminished value of your car. Diminished value is the difference between the resale value of your car before the accident and the resale value of your car after the accident.
How to Recover on Your Diminished Value Claim
To recover, you have to prove that there has been a perceived or actual loss in market value or resale value, which was a result of the car accident. Oftentimes, a car dealership may be able to help you with this or you may have to hire an independent appraiser who is knowledgeable in valuing cars before and after a car accident.
Insurance companies are known not to pay out for diminished value claims. You may need the help of an attorney to get compensated for your car's diminished value.
Insurance Policy Language
Many insurance companies include language in their policy that attempts to exclude diminished value claims from being recoverable. However, there are many insurance companies that do not include this language as well. A skilled attorney will be able to determine whether or not you can recover for the diminished value of your car.
California Diminished Value Claim Information
In California, there is a short statute of limitations to recover for your diminished value claim. Uninsured motorist coverage also includes diminished value claims. An at fault party may not recover for a diminished value claim.
Contact an Attorney
If you've been in a car accident and would like to recover for the diminished value of your car in addition for your personal injuries, you may need the help of an attorney to help you get everything that you deserve.