Was your vehicle damaged in an accident that was not your fault?
Sometimes known as ‘Diminution of Value’, diminished value is the difference between what your vehicle was worth before it was repaired and what it is worth now, after the repairs are completed. A repaired vehicle can be worth as much as 25% less after an accident. What most people do not realize is that if you were involved in an accident that was not your fault, then you are entitled to this difference.
“But my car was repaired completely.”
That may be true, but your vehicle now has a repair history that will make it worth less than the exact same make and model of vehicle that was not in an accident. This drop in value is part of what the at-fault insurance company must pay you.
“The repairs look great and car drives fine.”
To the naked eye, your repaired car may look fine. But to an expert, (such as a dealer that you go to trade your car in to or the mechanic that inspects your car for the person who wants to buy it) will be able to tell. Differences in paint, fit and finish, or OEM parts all take away from the value of your ‘repaired’ vehicle.
It takes an expert auto appraiser to provide you with the actual amount of DV yourcar has suffered. Our firm will arrange for a no-cost inspection of your vehicle and a full analysis of what you may be entitled to recover. For a free consultation, call the Law Office of Nicholas E. Kosmas at 410-935-1800.