If your car has been damaged in a wreck that was not your fault, you have the right to file a diminished value claim. These claims can be complex, requiring detailed calculations and negotiations with insurance companies. A seasoned diminished value lawyer can help you navigate the process and get the compensation that you deserve.
In New York, the law allows you to file a diminished value claim against the at-fault party and their insurance company if they are found to be responsible for your accident. This type of claim is typically not covered by your vehicle’s collision or comprehensive coverage, but it can be filed through the at-fault party’s insurance company or even your own if you have Uninsured/Underinsured Motorist Coverage.
To make a diminished value claim, you will first need to prove that your vehicle has suffered a decrease in resale value due to the crash. This can be accomplished by having an expert perform a diminished value appraisal report. You will then need to submit this document to the at-fault party’s insurance agent along with a demand letter. The insurance company will then either pay the claim in full or may deny it altogether.
Before you hire a diminished value attorney, it is important to do some research. You will need to find an experienced appraiser that specializes in this type of claim, and it is vital that they have the experience and knowledge to provide a thorough assessment of your car’s value before and after the crash. You will also need to find out how your state laws regarding diminished value claims work. The majority of states allow for these claims, but there are some that do not.
Generally speaking, you will need to have a copy of the police report and to determine who caused the accident. It is also necessary to know whether you own the vehicle or if it is leased. If you lease your vehicle, you can’t file a diminished value claim because the leasing company will usually be considered to have the ownership rights in the case.
Once you have determined who was at fault for the accident, it’s time to request a diminished value appraisal from the at-fault driver’s insurance company. The appraisal will be used to calculate the amount of your loss, which you will then seek reimbursement for from that party’s insurance provider.
While there are many diminished value appraisal services that advertise on the Internet, it is critical to select an experienced and qualified one to prepare the evaluation for your claim. Too many of these services are run by unqualified “hucksters” who are only interested in making a quick buck and will not provide accurate, objective evaluations.
The Schenk Podolsky team is knowledgeable about diminished value and can ensure that your claim is handled correctly. Contact us today to learn more about your potential to receive compensation for a diminished value claim. We will evaluate your claim for free.