Diminished Value

You can recover the diminished value of your car after an accident.

Red Rock Injury Law - Diminished Value

Has your car decreased in value after a car accident?

After an accident, the value of your car decreases. This is inevitable. It happens even if you cannot see any evidence of a repair.

Restoring your car to its pre-accident condition will not restore the car’s prior value. Would you pay the same amount for your car now knowing that the car was in an accident? I have my doubts.

How does your car lose value after an accident?

As much as we don’t want to admit it, there is a decrease in the value of your car after an accident.

VIN reporting services track a lot of data on a car’s history. Accidents are one of the data points collected. this means that if you were to try to trade your car in you would get less because the car was in an accident.

You should be glad that we have this reporting rule. Wouldn’t you want to know if the car that you’re looking at had been in an accident. Knowing that this information is available gives you peace of mind.

Yet, you can’t get around having the accident be on your car’s permanent record. Your car is now worth less because accident as part of its history.

Insurance companies don’t want you to know that you can recover for diminshed value. They don’t want to pay any more than they have to. Their primary concern is and always will be profit.

What can you do recover this lost value? You need to file a diminished value claim. In Las Vegas, Nevada, you can only do this against the person that caused the accident.

What is a diminished value claim?

Nevada allows for diminished value claims against a third party. You cannot recover diminished value against your own insurance company.

A diminished value claim seeks recovery for the value of your car lost after an accident. You ask the at fault party to compensate you for the value that you have lost because of the accident.

You have to prove your damages. You can try and estimate the valud of your car on your own, but a qualified appraiser will do a better job.

If the insurance company is not willing to negotate, smalls claims court is the next option. The appraisal will help you in court.

If you have any questions, give us a call or have us call you. We’re always happy to help. That’s why we’re here.

How does your car lose value after an accident?

As much as we don’t want to admit it, there is a decrease in the value of your car after an accident.

VIN reporting services track a lot of data on a car’s history. Accidents are one of the data points collected. this means that if you were to try to trade your car in you would get less because the car was in an accident.

You should be glad that we have this reporting rule. Wouldn’t you want to know if the car that you’re looking at had been in an accident. Knowing that this information is available gives you peace of mind.

Yet, you can’t get around having the accident be on your car’s permanent record. Your car is now worth less because accident as part of its history.

Insurance companies don’t want you to know that you can recover for diminshed value. They don’t want to pay any more than they have to. Their primary concern is and always will be profit.

What can you do recover this lost value? You need to file a diminished value claim. In Las Vegas, Nevada, you can only do this against the person that caused the accident.

What is a diminished value claim?

Nevada allows for diminished value claims against a third party. You cannot recover diminished value against your own insurance company.

A diminished value claim seeks recovery for the value of your car lost after an accident. You ask the at fault party to compensate you for the value that you have lost because of the accident.

You have to prove your damages. You can try and estimate the valud of your car on your own, but a qualified appraiser will do a better job.

If the insurance company is not willing to negotate, smalls claims court is the next option. The appraisal will help you in court.

If you have any questions, give us a call or have us call you. We’re always happy to help. That’s why we’re here.