Diminished Value Claims
If your car was repaired after suffering serious damage, it may have lost a significant amount of value. That loss remains even after the repairs are complete. You are entitled to recover this value from the party who caused the damage. This loss is commonly referred to as a “Diminution in Value” or “Diminished Value” claim.
This type of loss is particularly troublesome when the damaged vehicle is a high-end luxury vehicle or a collectible item. Even after the best quality repairs, a car with negative collision history does not sell for the same amount as one without that history. Most people review a Carfax report or use a similar service before they buy any used vehicle. Once there is a smudge on the collision history, it becomes very difficult to sell that car for full price. The difference in value becomes even more apparent when the damaged vehicle is commonly purchased only by collectors or car enthusiasts.
Many insurance companies refuse to recognize these claims, even though the public knows they exist. California Case Law dictates that third party insurance companies are responsible for reimbursing claimants for the loss in value created at the hands of their insured. Insurance companies still deny these claims and advise claimants that “proper repairs” can fix everything. This is simply not true! A quick glance at the used car market demonstrates that vehicles with negative collision history do not sell at the same rate or for the same price as vehicles with clean collision history.
The attorneys at Gilburg work with seasoned industry experts to establish and recover the diminution in value sustained after a serious accident. If your car has suffered serious damage through no fault of your own, you are entitled to recover for the diminished value of the vehicle.
If your vehicle was seriously damaged in an accident and you believe it has suffered a significant diminution in value, contact the attorneys at Gilburg for a Free Consultation at (818) 780-7337.