Walking After Dark: The Rights of Pedestrians in Nighttime Car Accidents
Posted in: Legal Blog
KNR Legal Blog
After a car accident, the value of your vehicle will dramatically decrease. This happens even if you get your vehicle repaired. But this is a loss for which you can seek compensation as part of an insurance claim or lawsuit.
You should never be stuck covering the costs of someone else’s negligence. You shouldn’t be forced to suffer excessive financial losses when another party is to blame. Here’s more about diminished value claims and how to secure the maximum.
Vehicles involved in car accidents are perceived as more dangerous than vehicles that have not been in collisions. This hurts your car’s resale value.
If you try to sell or trade the vehicle, you will likely get less than what you expect. When you file a diminished value claim, you can recoup the value lost in the car accident. Since Ohio follows fault-based laws, you will typically file your claim with the at-fault driver’s insurance.
Multiple types of diminished value claims exist:
Several factors can diminish the value of your vehicle. Not only will the damage sustained matter, but so will the severity and whether the damage is structural. The vehicle’s make, model, age, pre-accident condition, and mileage before the accident will also affect how much the car was worth before and after the collision.
If you are partially responsible for the accident, it may also impact what you could be awarded in your diminished value claim. If the driver that hit you was uninsured or underinsured, receiving compensation through a diminished value insurance claim may not be an option. However, you may have the right to pursue a diminished value claim in court if necessary.
Your attorney, professional appraisers, insurance company, and court systems may utilize different methodologies to determine diminished value. Some of these methods could include:
The 17 C diminished value formula uses the value of the vehicle multiplied by 10% to calculate the base loss. This figure is then multiplied by the damage multiplier or the severity of the damages. This value is then multiplied by the mileage multiplier to calculate the diminished value of your claim.
Reporting your accident to the insurance company and adhering to diminished value claim procedures is crucial. But dealing with the insurance company is not going to be easy. Remember, they will closely scrutinize your case to avoid payouts wherever possible. Suppose your diminished value claim is filed promptly, and you do not violate the insurance company’s procedures. In that case, you should be able to access the reduced value compensation you are entitled to.
Having a lawyer will be the best way to protect yourself. This ensures the insurance company has sufficient documentation and supporting evidence. They can use market research data, repair estimates, or appraisals. This can move the process along and improve the odds your diminished value claim is approved.
You can prove diminished value using the NADA calculator tools or Kelley Blue Book to determine the car’s market value. Then, give photos and videos of the damage to an appraiser to calculate the diminished value.
When another party is responsible for the accident, expert testimony from accident reconstructionists and law enforcement can also help prove negligence and liability for the diminished value of your car.
Having a personal injury attorney handle your diminished value claim while you recuperate should be a top priority. With our car accident lawyers working for you, you can take advantage of our:
Insurance companies don’t want to pay full value. When you understand how diminished value claims work, you can better prove negligence and recover all the compensation you deserve, including the reduced value of your car.
Make sure you have an experienced attorney working for you. Reach out to Kisling, Nestico & Redick, LLC for a 100% free consultation to learn more about your next steps should. Call 1-800-HURT-NOW or contact KNR online.