Reduction In Your Car's Value Due to an Accident

You may be aware that your car may lose value as a result of an accident (as is often emphasized by CarFax advertisements). However, you may not be aware that the insurance company is obligated to take the reduction in value, otherwise known as "Diminishment in Value," into consideration in their offer to settle with you for the repair of your vehicle.

For example, say you have a Honda Accord worth $16,000 at the time of your accident. Then let's say after the car has been repaired it is only worth $13,500 because of the previous damage. Well, you may have a diminished value claim in which you may be able to recover the $2,500 difference.

The insurance companies are unlikely to inform you that you have the right to make a claim for diminished value. Protect your rights by requesting an offer of settlement that includes the diminished value of your vehicle. If you think you may have a diminished value claim, please contact your Atlanta Diminished Value Claim Attorney at the Thomas Law Firm.