Car accident injuries are generally end-up with two types of losses – physical injuries and vehicle damages. It is recommended for the victim to hire one of the Best Denver Personal Injury Attorneys to claim for any kind of losses suffered in the accident.
As you know how personal injury claim’s pain and suffering costs are calculated, you have the rough idea of the logic applied for calculating settlements. But, as all road accident cases are different, it is important to learn more about the possibilities of recovery with diminished value claims.
The opponent may or may not hold insurance coverage but they will be sued with the charges for the damage caused to the victim in the car accident. Let’s say if the insurance company doesn’t declare total loss of your vehicle, the insurer is liable to pay for the repairs of your vehicle. But, how will the compensation be estimated according to the Diminished Value of your car? Let’s have a look…
The reduced sale value of the vehicle repaired after any kind of road accident is referred to as the Diminished Value.
For instance, the resale value is $45000 before the accident. After the accident when the insurance company gets it repaired for you, the resale value is even though the car is restored in its original condition. When you try to sell it, you may get $30000 just because your vehicle was involved in some serious car accident. Thus, it’s market value immediately falls off.
As you have suffered financial loss after the accident, it is likely to expect the total compensation from the insurance company. The actual repair cost will be bared by the insurance company as per the policy you have chosen. However, if you expect the compensation for diminished value, the jury needs to be persuaded and the fact finders need to be approached to calculate the actual value of a car after the accident despite the fact that the vehicle is fully repaired.
Once the facts are proved, the Court will decide whether the opponent’s insurance company will be liable to pay for the plaintiff’s diminished value of the vehicle.
If you are seeking compensation in the similar case, our Car Accident Attorneys will look after the fact and will handle the case so you don’t have to worry whether or not you will receive compensation for the diminished value of your car.