Diminished Value Claims
Corpus Christi Bad Faith Insurance Lawyer
After your vehicle has been in an accident, it will lose some of its value,
even following a complete repair. This is known as its diminished value
and, no matter what your insurance provider says, you can actually file
a diminished value claim to collect that gap of vehicle value. For example,
if your car was worth $10,000 but is only worth $9,000 after being fully
repaired after an accident, you can file a claim for $1,000.
It is no secret that insurance companies do not like handed out money to
their customers. In many cases, they will actually put up a fight to avoid
fulfilling any sort of coverage payment. If you are worried about this
happening to you when you file your diminished value claim, our bad faith insurance lawyers in Corpus Christi can help you make your claim and stand up for
Get 35+ years of experience on your side. Call (866) 833-0088 today.
What Causes Diminished Value?
While diminished value is always the portion of an automobile’s value
that was lost and not restored after an accident, it can be caused by
one of three kinds of diminished value. In your diminished value claim,
you will need to provide specific details to prove that your car’s
value has actually gone down, and that you deserve payment to make up
for it. To do this with confidence, it helps to understand the three kinds
of diminished value that may have affected your vehicle.
Diminished value may be:
Immediate: Loss of value caused the moment there is an accident, especially if repairs
to fix the issue are not approved.
Repair-related: Any loss of value caused by an insurance company only authorizing the use
of third-party, non-authentic parts in a repair.
Inherent: Value decreased caused by the fact that a consumer will be less likely
to buy a car with a collision history, no matter how well the repairs
have been accomplished.
Preparing for Your Diminished Value Claim
In order to file a diminished value claim, you cannot be found completely
liable for the
auto accident that damaged your vehicle; additionally, someone must be liable, so “act
of God” damage cannot trigger a diminished value claim, either.
If you have already been through the motions of completing a car accident
case, you should not need to worry about proving liability in your new
claim. The next step in the process is showing all the costs for repair
and how the value has likely dropped.
- Keeping the following records and paperwork can help your claim’s validity:
- Any auto shop receipts
- Mechanic recommendations not fulfilled by insurer
- Detailed list of parts installed
- Previous & current blue-book estimated values
Fight for the Money You Deserve – We Can Help
Gowan Elizondo LLP has become the go-to law firm throughout Southern Texas,
from Corpus Christi to Laredo, for all cases regarding
insurance claim disputes. If you have run into undue opposition from your insurer while trying
to complete a diminished value claim, let our professional diminished
value claim attorneys be the ones to help you. We can also assist you
from the beginning to reduce the chance of having your claim denied in
the first place.
Contact us online today and ask about setting up an initial consultation.
Do not hesitate to call Gowan Elizondo LLP for a
case evaluation at (866) 833-0088