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Diminished Value Claims: Getting Compensation for Depreciation of Value

Car Accident

Your new car depreciates, or loses market value, the longer and farther you drive it. Following a car accident, your vehicle can be worth even less, even if you brought it to the auto body shop for first-rate repairs. Moore Law Firm can help if you’ve been in an accident and need to pursue a diminished value claim.

Why Your Car’s Value Depreciates After an Accident

Following a car accident, your car insurance will likely cover the necessary restorations your car needs. But, when you go to sell your vehicle down the line, potential buyers are less likely to buy just because your vehicle was in an accident, even if your car looks and drives like new. Your car loses value, and that loss of value is generally not covered by your insurance.

To make up for the difference between your vehicle’s pre-accident value and its value after restorations, you may be able to file a diminished value insurance claim.

Diminished Value Insurance Claims in Alabama

In Alabama you can receive compensation from the insurance company of the at-fault party for the diminished value of your vehicle based on the difference in market prices from before the accident and after repairs have been done on your vehicle. You can make the claim within 6 years of the accident according to the Alabama statute of limitations.  If you’re the at-fault party, or the accident was caused by something other than a collision, you cannot submit a claim in the state of Alabama.

Moore Law Firm Can Help

Don’t file a diminished value insurance claim and take on the legal battle all on your own. More often than not, these claims are disputed by insurance companies and it can be difficult to get the compensation you deserve.

Instead, hire a car accident attorney from Moore Law Firm to help you receive proper compensation. Contact our office in Mobile, Alabama by calling (251) 445-7602 today.