If you are having your insurance company repair your vehicle, notify them (in writing) that you are not consenting to allow them to go after the at fault drivers insurance company to get their money back until you have been compensated accordingly.
Recover the diminished value loss to your vehicle
When you get into a motor vehicle accident, the insurance company may cover costs to fix the damage done to your vehicle. However, they typically won’t cover the loss in value to your vehicle. A loss in value to your vehicle occurs at the time of the accident. This is called a diminished value loss. The loss in value to your vehicle doesn’t disappear simply because your vehicle has been repaired. It is important to seek the help of an experienced diminished value attorney, like one you can find with the team at Negretti & Associates, to investigate your particular situation to see if you can recover the diminished value loss to your vehicle.
We handle diminished value cases in Arizona, California, & Colorado
When your vehicle has been in an accident and subsequently repaired, it loses its value.
That is because, it is now worth less than an identical car that has never been in an accident. This is considered diminished value loss and is something that the at fault driver’s insurance company should compensate you for.
What can I do to recover my diminished value loss?
You need a successful diminished value attorney to further investigate the specifics of your case. Typically, an expert report is needed to substantiate the diminished value loss. This is where Negretti & Associates comes in. We have successfully investigated and resolved many diminished value cases. We work with a host of different experts to ensure that you get fully compensated for your diminished value loss.
Imagine this scenario:
You bought a brand new car and are super excited to show it off to your friends and family. Things are going great, and you couldn’t be happier. Then, out of the blue, you find yourself in a car accident. The other driver is found to be at fault for the accident and their insurance company agrees to pay to have your vehicle repaired. You are probably thinking that you are now in the clear.
Three years later, you decide you want to trade your vehicle in and upgrade to something newer. However, the dealership is now telling you that your vehicle is now only worth a fraction of what you paid for it because of your accident three years earlier. You are now under water and are wondering what, if anything, could be done.
Sadly, this is a situation we hear about quite often. There is not a lot of information about diminished value losses and how they work. The insurance companies certainly aren’t there to help.
If you do not assert your claim in the time allowed by law, you lose the right to it entirely. Take the example above. You may not have any recourse because you have let too much time pass.
That’s why it is very important to contact the diminished value attorneys at Negretti & Associates right away to help ensure that you can recover this loss in value to your vehicle at the time of your accident, and not three years later.
Has your vehicle lost value because of an accident?
Watch the video below to learn more about your case and how we can help:
What to do to ensure you can recover for a diminished value loss:
In any diminished value loss, it’s important that you instruct both insurance companies on how you would like your property claim handled.
- Notify the at fault drivers insurance company that you anticipate filing a diminished value claim and that you won’t be prepared to resolve your property claim until that has been considered.
“My experience with Jonathan and his team was amazing. Always there when I had any questions with very quick responses. Never any surprises as they also kept me updated as we progressed through the process. I was very impressed, would highly recommend them.”
– Jonathan W.
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Find out if you have a diminished value loss
Negretti & Associates assists clients with diminished value claims in Arizona, California, and Colorado. Depending on the make, model, year and mileage of your vehicle, you may have a recoverable diminished value loss. Call us for a no-obligation consultation to find out more.