Los Angeles Diminished Value Attorneys
After a car accident, even if your vehicle is repaired, it can never be restored to the condition it was in before the accident. It is now worth less money because it was in an accident. This loss is called “diminished value” or "diminution in value." When you attempt to sell your vehicle, it will enter the used car market as a damaged vehicle.
With the ready availability of Carfax reports, your vehicle's history will be discoverable by prospective car buyers. You will likely have difficulty selling it and you will get less money for it. If you attempt to trade it in to a dealership, the dealership may refuse to take the vehicle, or will substantially discount the trade-in credit they offer you because the vehicle was in an accident.
Insurance Companies Fight Diminution in Value Claims
Insurance companies won't tell you that you have a right to make a diminished value claim. If you do find out about this right, you can attempt to handle your diminished value claim on your own, without an attorney, but you’ll likely be met with little success. Insurance companies outright lie to claimants and tell them that California law does not allow for diminution in value. Insurance companies worry that if they start paying these claims, the floodgates will open, and car owners and their attorneys will start demanding compensation.
Most California Lawyers Don’t Handle Diminished Value Claims
Insurance companies get away with it here in California because most attorneys do not handle diminished value claims. Lawyers don't handle them because either (1) they don't know that owners of damaged, but repaired, cars have a right to this compensation, or (2) the claims aren't worth enough money to justify their involvement in a claim that they know the insurance company will vigorously fight.
Discuss Your Case During a Free Consultation
At McGee, Lerer and Associates, our Los Angeles lawyers are experienced in handling diminished value claims and we will fight to get you every penny you are entitled to. If the claim is too small for us to handle, we will tell you what you need to do to handle the claim yourself - at no charge. Call us for a free consultation: 800-785-7012 .