You might have a diminished value claim

On Behalf of | Apr 27, 2017 | Car Accidents |

Imagine driving along on your usual route to work when another car suddenly rear-ends you. It looks like it will be fairly easy to receive compensation from the other driver’s insurance company since he was obviously at fault.

As you watch the tow truck drive away with your car, you can see that the damage is not so much that the insurance adjuster will declare it a total loss. However, you had been contemplating selling your car in the next few months. Will the damage from the wreck affect the sale even if the body shop repairs it?

You have heard of people getting less than anticipated for their vehicles due to body damage from a car accident. Are you entitled to file a claim for the loss in value your car has suffered?

In Texas, you have the right to file a diminished value claim to recover the loss in value. If you have been involved in a car accident, a Dallas area attorney can help you file a claim to get the compensation you deserve. Read further for more information on diminished value claims in Texas.

Two types of claims

In general, there are two different kinds of diminished value claims. The first relates to the repairs done to your vehicle. For example, if the body shop did not do a good job on the repair work and it is easy to see that work was done, you might be able to file a diminished value claim.

The other type is inherent diminished value. This kind relates to the effects of a car accident. If your car is appraised at a lower value immediately after the wreck than it was before the wreck, then you can file a claim for inherent diminished value. In some cases, you might be able to file claims for both.

Challenges

Determining diminished value is the main challenge when it comes to filing a claim for compensation. There are professionals appraisers that can work out an estimate of the loss, however, there is no set formula for figuring the amount.

Fault and time limits

In Texas, you have up to two years to file a claim for diminished value. Furthermore, you can only file a claim if the accident was the other driver’s fault. Since insurance companies do not typically advertise that they must pay for diminished value and will fight you over a claim, you may want to consider getting legal help when filing your claim.