Car accidents are inconvenient at best and catastrophic at worse. Before many victims have even filed a claim, there are shady law firms showing up at your doorstep asking you to sign contracts, phone calls from unknown numbers lying to you about which doctors your insurance company allegedly requires you to see, and advertisements with gimmicksand false promises stuffed in your mailbox. Don’t be blood for the sharks. This blog series is meant to actually help victims of car crashes. And when the time is right, call us to set up a free consultation. I will meet you where it is convenient. I have helped thousands of victims recover millions of dollars in damages. I will give you an honest assessment of your case, and I will personally take your case to trial to get the results you deserve.
Car repairs can be complex. Do you use the insurance company’s preferred shop? Do you choose another repair shop? Do you even repair the damage? How do you know your vehicle is being fixed correctly? Do you keep your totaled vehicle, have it repaired to working order, and obtain a salvaged title? All of these questions are best asked to an attorney that focuses on accident cases. We can help you choose a path that suits your needs. But even after the car is fixed, are you entitled to more money? The answer: it depends. You may be entitled to residual diminished value.
Residual diminished value is the reduction or diminution in the resale value of the vehicle before and after the collision. In simpler terms, sometimes a vehicle that has been in a crash is usually worth less money than a vehicle that has never been in a crash. If this happens, you are entitled to the difference in that amount. Residual diminished value is the loss of value that still exists after the vehicle has been fully repaired and restored to its pre-accident condition. The law allows an accident victim to recover these damages because otherwise the victim is never made whole.
GUESS WHAT? INSURANCE COMPANIES WILL NEVER TELL YOU ABOUT THIS LOSS OF VALUE. INSURANCE COMPANIES SAVE MILLIONS OF DOLLARS A YEAR BECAUSE VICTIMS DO NOT SEEK RECOVERY FOR THESE LOSSES.
That being said, not all vehicles lose value after a crash. Most minor repairs do not result in lost value. Conversely, High Line units (vehicles known for their speed and innovation) are particularly sensitive to crash histories and therefore lose more resale value.
If you recently have been in a crash and would like to obtain your residual diminished value, call us for a free consultation. We will work with you to recover those damages.