Accidents prove not only fatal to the human body but also to their favourite vehicles. Although if one has faced an accident, the main concern would undoubtedly be the physical well-being after recovery, one will likely start worrying about the vehicle’s condition and its repair. But what will happen if, due to the accident’s severity, repairs will not be possible or restoring the previous condition of the vehicle before the accident is unfeasible?
In these cases, on a free consultation with a lawyer, one might be advised to claim the vehicle’s diminished value. While all the information encompassing the proceedings and method of claiming a diminished value will be directed by the lawyer, here’s some basic information that will help one to get an idea of what should be done.
What are some common injuries in truck accidents?
There are a number of common injuries that can occur in truck accidents. These include:
-Whiplash: This is a neck injury that occurs when the head is suddenly and violently snapped back and forth. It is a common injury in rear-end collisions and can cause pain, stiffness, and headaches.
-Head injuries: These can range from concussions to more serious brain injuries. Head injuries are especially common in rollover accidents or accidents where the driver was not wearing a seatbelt.
-Back injuries: These can include everything from herniated discs to spinal cord injuries. Back injuries are often very painful and can require extensive medical treatment.
-Broken bones: fractures are fairly common in truck accidents, especially if the driver or passengers were ejected from the vehicle.
What Is Meant By A Diminished Value Claim?
Most people confuse diminished value with depreciation, but they are not the same. Depreciation is the loss in the valuation of a vehicle over time, but diminishing value means when the vehicle sustains damage from an accident and, as a result, loses its value. For example, if the car’s repair was not done properly after an accident or the damage was so severe, it can’t be restored to its original condition even after repair. The loss of value can be considered as diminishing value.
Filing A Diminishing Value Claim:
Suppose one has been in an accident and the vehicle suffered considerable damage. In that case, filing a diminished value claim and ensuring that the assessment is done fairly is essential. But to file a diminishing value claim, one needs to determine the value, which can be done by using an appraisal service. The valuation then needs to be taken to the insurance company to receive fair compensation and support one’s claim.
But before filing, one also needs to know about all the grounds on which the insurance adjuster might disqualify a diminished value claim of a vehicle. Some of the reasons include the vehicle’s mileage being too high, the vehicle is older than ten years, the vehicle having been totalled in the accident, the market value of the vehicle being too low, the value of the vehicle was low even before the accident, or an accident has not caused significant damages to the vehicle.
If one wants to maximize the diminished value claim, seeking help from an attorney is a necessity who can secure the maximum amount of compensation with their negotiation skills and extensive knowledge of the legal regulations.