Collecting for Diminished Value of a Vehicle after an Accident
Posted on Friday, May 22nd, 2020 at 5:40 am
Did you know that Georgia is one of the few states where a victim doesn’t have to be injured to collect damages for the diminished value of their vehicle after an accident? Known as diminished value claims, this law obligates insurance companies to compensate a person for the diminished value of their vehicle after an accident, even if it is your own insurance company. If your vehicle has been damaged in an accident, call the office or contact us today at the law offices of Jonathan R. Brockman, P.C. to schedule a free evaluation of your case.
How to Qualify for a Diminished Value Claim
Not all vehicles qualify for a diminished value claim under Georgia law. In order to qualify, your vehicle should have a market value of at least $7,000 and be less than 10 years old. The vehicle cannot have a salvage or rebuilt title, excessive mileage, or been in multiple accidents with significant damage before this particular accident. The claim must also be made within the statute of limitations for the case, and the owner of the vehicle must not sign a release of liability form for the damage.
However, if the vehicle does qualify for a diminished value claim, an insurance company is required to pay the diminished value of the vehicle under law. They are also not allowed to increase a policyholder’s premium or cancel a policy for filing a diminished value claim. In car accidents, anyone involved in the accident can file a diminished value claim, regardless of who was at fault.
How to Prove Diminished Value in Your Case
Even if an insurance company concedes that you have a valid diminished value claim, they may disagree with the value of your case. In order to prove what you deserve in damages for the diminished value of your vehicle, you should take the following steps after an accident:
- Gather relevant evidence about your vehicle, including repair bills, mileage, before and after photos, police reports, accident reports, and anything else that can help establish value
- Do not speak with the insurance company unless your attorney is present
- Never agree to a settlement offer from the insurer before talking to your lawyer about the full and fair value of your case
The insurance companies in a diminished value case do not have your best interests at heart. They will try and get you to make a statement against your own best interest in order to mitigate the damages of your claims. You should always have your attorney present whenever speaking to an insurer so that your claim is defended and your rights protected throughout this legal process.
Contact Our Office Now
If you are interested in filing a diminished value claim for your vehicle after an accident in the Atlanta metro area, call or contact the law offices of Jonathan R. Brockman, P.C. today to schedule a free consultation.