As you enter a parking garage in downtown Phoenix, AZ, another driver, who is in a great hurry to leave the garage, barrels into you from around the corner. Your car takes damage on the side where the other car first impacted as well as on the opposite side of the car, which collided into the parking ticket dispenser; and from the rear, where the car of the motorist behind you slammed into your vehicle.
Your car is not totaled, so you will not recover the value of the car before the accident, but the damage is significant, and you are sure it has diminished the value of your vehicle. Most insurance companies provide for this damage, but they do not do it willingly or easily.
Your best bet is to hire a diminished value property damage claim lawyer in Phoenix, AZ. Zanes Law will do everything from A to Z to see that your diminished value property claim is taken seriously so you can get the compensation you deserve. Call 602-999-9999 today for a free consultation.
How Diminished Value is Calculated
That car was your prized possession, and it represents a significant financial investment—one you hoped would have a strong return when you went to sell it.
When another driver’s negligence renders so much damage, all that care you took to keep the car’s resale value up and healthy goes out the window. It seems only fitting that the person whose behavior cut the value of your car should compensate you for that loss in value. It is a simple concept with a simple solution.
The Formula Used to Calculate Diminished Value is as Follows:
Fair Market Value of Your Vehicle (Before the Accident)
Fair Market Value of Your Vehicle (After the Accident)
Of course, it would make life way too simple if insurance companies were to use this logical formula. Instead, they apply the notoriously complicated “17c Formula.”
Insurers use this formula to trip you up, get you so frustrated that maybe you just drop your claim altogether.
You have your secret weapon, though: Zanes Law. Hire our diminished value property damage claim lawyers in Phoenix, AZ, and the insurer will not know what hit them.
How Your Car’s Age and the Cost of Repairs Affect Diminished Value
Some other variables come into play during the process of determining diminished value.
- Cost of repairs: The more money required to repair your car, the more its diminished value increases.
- Age: The older your car, the more its diminished value decreases.
Generally, we advise our clients that it does not make sense to jump through the hoops of a diminished value claim if:
- Your vehicle required less than $2,500 in repairs
- Your car is more than five years old
Of course, exceptions exist. For example, if your car happened to be a 1970-71 Plymouth Hemi Cuda Convertible, of which only 21 were produced, making the vehicle extremely rare and quite valuable, the age rule would not apply.
States’ Special Rules for Diminished Value Claims
The diminished value claims plot thickens when each state starts weighing in.
Although most states, including Arizona, require that insurance companies restore a damaged vehicle to its pre-accident condition, a greater legal division occurs with the consideration of compensation for diminished value.
In some states, the damaged party is required to sell his or her vehicle before he or she can claim the diminished value. This process is known as “realizing” the loss. Other states require that the damaged party hire an expert appraiser to testify in court about the diminished value of the car.
Sorting through the various state requirements can be mind-numbing. Let Zanes Law take the task off your hands. Call today for a free consultation.
Your Time for Filing a Diminished Value Property Claim is Limited
States also dictate how long the plaintiff in a diminished value property damage claim is given to file his or her claim with the court. This timeframe—the period between the date of the accident and the deadline for having filed a claim related to the accident—is outlined in the state’s statute of limitations.
You will want to start your claim as soon as possible after the accident, so your lawyer can start building your case. The sooner he or she begins, the more access he or she has to fresh evidence and witnesses who have clear memories of the events leading up to the collision.
Call Zanes Law today so we can get started on your diminished value property damage claim.
Organizations Record Accident Histories and Make Them Available to Buyers
Just so you know, your car’s accident history is not a matter of information that is revealed only by the code of your personal honor system.
Organizations like Carfax record your accident history and make it available to prospective buyers of your car, should you decide to sell it one day.
Even if you had your car repaired, buffed, and painted by the world’s best body shop, the Carfax report would still show the accident. According to the Carfax website, many dealers will automatically discount your car’s price, based on the accident, despite its outwardly excellent appearance.
What Zanes Law Will Do to Help You With Your Personal Injury Claim
When you hire Zanes Law to represent you in your diminished value property damage claim, we will take the wheel so that you are compensated for the fact that your car has lost value since your accident.
Here is what you can expect from us:
- We will visit the crime scene, documenting what we find and collecting pertinent evidence.
- We will gather police reports of the accident.
- We will obtain all relevant medical records from your doctor, the hospital, etc.
- We will collaborate with accident reconstruction specialists who can assess the evidence and the crime scene to piece together the cause of the accident.
- We will file a lawsuit with the Civil Court if the insurer fails to agree to a fair settlement.
- We will fight for you in court.
What to Do When You Have Experienced a Car Accident
Regardless of whether you are worried about the diminished value of your car or the diminished condition of your health, you should always take certain steps after your car accident.
- Call 911. You need medical professionals and police to be present at the scene.
- Assess the scene. Try to take pictures, if possible.
- After the accident, if you have not been hospitalized, see a doctor for a more in-depth assessment of your medical condition.
- Hire a lawyer.
- Discuss your accident with nobody until you have taken care of step 4. What you say or do not say can wind up hurting your case in court.
Call Zanes Law today for a free case evaluation with a diminished value property damage claim lawyer in Phoenix, AZ. We are here to champion your diminished value property damage claim. Call 602-999-9999 to get in touch with our legal team today.