How to Get Compensation From a Diminished Value Lawyer

If you own a vehicle, you may be entitled to compensation for diminished value after an accident. This occurs because a prospective buyer would likely be less inclined to purchase your car or truck if it has been involved in a serious accident. An experienced diminished value lawyer can help you get the money that you are entitled to.

The first step in getting compensation for diminished value is to provide evidence that your vehicle has lost its value as a result of an accident. This can be done by obtaining an appraisal of your vehicle from an independent, unbiased professional. Once you have this report, you can submit it to the at-fault insurance company for review. The insurance company will then either pay your claim, make a lower offer or deny your claim.

Before hiring a diminished value attorney, individuals should inquire about fees. Most attorneys work on a contingency basis, meaning they only receive payment if they successfully recover money for their clients. Individuals should also ask to see examples of previous diminished value claims that the attorney has won. It is advisable to interview several diminished value lawyers before choosing one, taking detailed notes in order to cross-compare their prices, professionalism and background.

Whether you are filing a diminished value claim against the at-fault driver or their insurance company, it is crucial to act promptly after the accident. This will ensure that the appropriate statutes of limitations are met, and it will give your diminished value case a better chance of success. Individuals should also be sure to gather as much documentation and evidence as possible at the scene of the accident, including photos and receipts for repairs.

It is also advisable to have a professional vehicle appraiser prepare an expert diminished value report on your behalf. These reports will compare your vehicle’s pre-crash worth to its value after the accident, and will be based on the year, condition, model and odometer readings of vehicles in comparable areas that have not been involved in accidents.

When submitting your claim to the insurance company, you will need to include the appraisal report and any other supporting documentation that you have gathered. You will also need to comply with the insurance company’s diminished value claim procedures, which can be difficult to navigate.

While it is unlikely that an insurance company will admit to paying a full diminished value claim, you should not let this discourage you from seeking the money that you are rightfully owed. A qualified diminished value lawyer can help you navigate the process, and may even be able to take your case to trial if necessary. Contact Negretti & Associates for more information about how we can help you with your claim. We are located in Phoenix, Arizona and serve clients throughout the state. Our experienced lawyers have the knowledge and expertise needed to maximize your recovery. Call us today to schedule your free consultation.