The Law Badgers look at diminished value damages in every case.
What is it?
Diminished value – in the context of an accident case – has a very simple meaning. It means that because your car was in an accident, the resale value of the vehicle has decreased. This is true even if you have the vehicle repaired.
How is this possible?
Very simply, people would rather buy a car from someone else that has never been in an accident. If you were presented with the same purchase price for two identical vehicles, but one was in a car accident previously, which would you choose? It’s a no-brainer. You would choose the car that is accident free.
Don’t believe us? Ask yourself why companies like Carfax exist? (https://www.carfax.com)
They exist because cars that have been in accidents are objectively and subjectively worth less than the same car that has not been in an accident.
Is it for Everyone?
The simple answer is no. The more complex answer is that it can be. If you simply carry only liability insurance, you won’t be able to recover money for damages to your car in the scenario that the other driver has no insurance or just liability themselves.
Liability insurance pays for the other party’s injuries and property damage, while comprehensive or collision pays for physical damage to your car.
If collision or comprehensive insurance exists in your scenario, then yes, property damage and diminished value are in play.
Why would I need to even think about it?
As mentioned above, because most people consider cars that have been in accidents as being less valuable than cars that have not, your only opportunity to recover the difference in value between your car and another that has not been damaged is with your attorney handling your case. Only the best and most thorough Injury Lawyers and Attorneys will even consider this type of claim. The Law Badgers know how to initiate, develop, and finalize diminished value claims. They work closely with diminished value experts to properly assess the damages and the resultant reduction in value to allow you to recover that difference. The only way to recover that difference is during your case. Once you settle, you will be forever prevented from recovering any more money from the person who caused the damage.
Why don’t Most Attorneys even Mention it?
Again, the simple answer here is that it isn’t worth their time. Most Phoenix Personal Injury Lawyers work on volume. This means they expect to receive a certain number of cases per month and are incentivized to settle for whatever they can get. They want your case because they can churn and burn it. The more cases they can get that they don’t have to spend extra time on, the better. In fact, most Phoenix personal injury attorneys don’t want to even address property damages and let the client handle it themselves.
It becomes a nuisance factor to them and complicates their churn and burn strategy.
The Law Badgers work with their clients to maximize their recovery. Diminished value is a big part of the Law Badgers’ car accident claims process.
Do NOT settle for any attorney. Call us now to hire an injury lawyer that knows and pursues diminished value claims.