Understanding Diminished Value Claims

What is a diminished value claim? Oftentimes, a person has never heard this phrase in context of financial gain after an accident. Instead, it generally is used in the sense of knowing that something you own will be of lesser financial value from now and into the future. Contrary to common belief, however, there is a legal procedure that can allow you to find financial compensation for the losses you have suffered after being involved in an auto accident.

When a person is in an accident, the value of their vehicle drastically decreases. No matter what types of efforts this person puts in to revamp and renew their vehicle, even putting it into better condition than it was before, the vehicle will still be worth less than the original price at which it was purchased. This is referred to as diminished value. While a personal injury claim may be able to help you recover some of the financial losses associated with the auto accident, such as damage to the vehicle and medical expenses, the value in which the car decreases will never be regained. Even in cases where a person is attempting to sell their used car privately, a simple online history report of the vehicle will show that it has been involved in an accident and is therefore less desirable than other used cars.

There is one way to recover this devastating financial loss through taking appropriate legal action – filing a diminished value claim. A diminished value claim through your insurance company is one that very few people know exists, mostly because insurance companies don't want you to know that this type of compensation is available. In the end, the insurance company may provide you with a settlement that is much lower than the true value in which your vehicle has diminished. If you believe that you are eligible to obtain additional compensation from your insurance company through a diminished value claim, do not hesitate to speak to a Santa Monica personal injury lawyer.

Santa Monica Car Accident Attorney Assisting with Diminished Value Claims

Before trying to litigate with your insurance company on your own regarding your diminished value claim after being involved in an auto accident, talk to a car accident attorney from McGee, Lerer & Associates. The legal team from this law firm has extensive experience in this area of the law and is recognized for their ability to aggressively negotiate with insurance companies to obtain a fair amount of compensation. Understanding the true value of a claim in a diminished vehicle value lawsuit can be extremely difficult, and this firm strongly suggests that you do not travel this path alone. You should immediately seek the best possible representation to ensure that you do not suffer additional financial losses. Contact a Santa Monica car accident lawyer from this firm today.