Three Types of Claims That Are Considered Diminished Value
Repair-related diminished value is the lost value resulting specifically from the quality of repairs. If repairs were made but were improper, incomplete, or poor quality, then a vehicle’s value can depreciate. This value is generally determined by the overall quality of the vehicle’s repairs. Specifically, a repair-related diminished value happens after an initial accident. During the repairs, if the vehicle now has mismatched paint colors or consists of aftermarket parts, then the quality of the repair left a definable loss in value on the vehicle.
Inherent diminished value occurs when the vehicle has been repaired following an accident to its original condition; however, the fact itself that the vehicle that has been in an accident can decrease its value. Inherent diminished value is widely recognized and is the most accepted form of valuation. This type of diminished value can be paired with other claims, especially additional forms of diminished value. An inherent diminished value claim makes the argument that a person should be compensated for the difference between what the value of the car presently is versus what the value would have been if the accident had not occurred.
Immediate diminished value is the difference in the resale or trade-in value of the car from before the accident to after the accident when repairs have been done. Like with inherent diminished value, the fact that there was an accident leads directly to the question of differential resale value. Considering the totality of diminished value claims, it might be beneficial to you to speak with an attorney after an accident for a diminished value lawsuit.
How Do You Prove Diminished Value?
Usually, if you are in an accident wholly attributable to the other party, you might have a claim against their insurance company for diminished value. However, it is more difficult to succeed at a diminished value claim if you are involved in a single-car accident and request that compensation from your own insurance company.
First, the value of your car will need to be determined, then you, your attorney, or your insurance company can calculate the base loss. Then, that base loss can be multiplied for a larger compensation rate depending on the damage. For instance, if your vehicle had severe structural damage, then you would be eligible for the highest multiplier, but if your car suffered only minor damage to one panel, you would be eligible for a lower multiplier.
How Can CEO Lawyer Help in Georgia?
Along with the general principles of diminished value, Georgia, US law allows car insurance companies to consider the lost resale value of a vehicle when evaluating property damage claims arising out of a car accident. Talk with the injury and accident attorneys at the CEO Lawyer Personal Injury Law Firm to understand how we can help you with your diminished value lawsuit.
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Frequently Asked Questions
After a personal injury, you're bound to have legal questions. The CEO Lawyer Ali Awad can provide you with answers to these questions, just as he's given answers to his millions of curious social media followers. Take a look at some of the most common personal injury law questions for general information, and then reach out to one of our seasoned attorneys for specific guidance on your case!
To quickly resolve matters following an accident, insurance companies will offer you less than you deserve in compensation for your injuries. Many victims feel pressured to accept these offers as the bills begin to pile up, but that is rarely a good idea. The insurance company is looking to protect its bottom line; and will offer injured victims less than they deserve. An experienced personal injury attorney understands how to negotiate with the insurance company and can look out for your best interests by getting you the compensation you deserve after an injury. If you or a loved one has been injured in an accident, it is important to avoid negotiating or providing recorded statements to the insurance company without first seeking help from a qualified personal injury attorney.
Do You Have a Personal Injury Case?
The best way to determine if you have a personal injury case is to speak with a knowledgeable attorney. Our legal professionals have the expertise to evaluate your case and determine a strong legal strategy so that you can obtain the greatest amount of compensation possible under the law. We will enlist investigators, assistants, and other specialists to collect accident reports, speak with witnesses to your accident, and put together a plan. While you focus on your physical recovery, we will remain committed to fighting for the compensation that you deserve.
Georgia's Personal Injury & Accident Firm
Accident victims have a limited time to file a personal injury lawsuit. This time period is referred to as the statute of limitations, and in Atlanta, it lasts only two years. This means that if you or a loved one has been injured in an accident, you have only two years to pursue a personal injury suit. If you wait too long to reach out to an experienced attorney, you might be forever barred from seeking the compensation you deserve.
What to Expect From Your Initial Consultation With a Personal Injury Attorney?
During your initial consultation with CEO Lawyer team, we will go over the important details of your personal injury accident, which include the nature and extent of your injuries, how your injuries have impacted your ability to earn a paycheck, the cost of your medical treatment, and whether further medical treatment will be required. We will answer any questions you might have, as well, in regards to our experience, our track record of success, and what to expect from the legal process.
Many personal injury victims wonder if they will be able to afford the legal fees required to pursue a lawsuit. CEO Lawyer injury and accident attorneys will not ask for any type of upfront fee unless we are successful in obtaining compensation for you. That means that if you have been harmed in a motor vehicle accident, slip and fall accident, defective product accident, or any other type of personal injury accident, you can absolutely afford to contact our law office today for assistance. In fact, you cannot afford to wait. Reach out today.
We understand that some accident victims might have already obtained the assistance of an attorney but may be dissatisfied with the services provided. We are standing by and prepared to help you change legal representation, regardless of where you are in the process.
Speak to an Experienced Personal Injury Attorney Today
If you or a loved one has been injured in any type of personal injury accident, you should not hesitate to speak with the experienced attorneys at CEO Lawyer personal injury law firm. Call, email, or fill out our online contact form today so that we can begin helping you pursue the compensation you deserve.