diminished value claims in colorado

If you are a Colorado resident who has been involved in a car accident, or were involved in one during your last visit here, you may be entitled to a diminished value claim.

Filing a diminished value claim in Colorado provides a way for you to recover lost resale the value of your vehicle.

Why file a diminished value claim? Even though repairs may be made, the simple fact that a vehicle has been in an accident will reduce its value. A diminished value claim seeks recovery for the value that has been lost from the day beforethe accident to the day after the accident.

Why Vehicles Decline in Value, In Spite of Repairs Made

If your vehicle was damaged in an accident, its value may decline even if you have made all the necessary repairs. There are several reasons for this:

  • Buyers are typically reluctant to purchase vehicles with accident history.
  • Dealerships will not be able to sell your vehicle in a “certified pre-owned” program.
  • Replacement parts are usually never as good of quality as original equipment manufacturer (“OEM”) parts.
  • Repairs can structurally compromise and weaken your vehicle.
  • There might be undiscovered (and unrepaired) damage to your car.
  • In some cases, it’s impossible to return a vehicle to its pre-accident condition
  • A serious collision may even void your factory warranty.

Colorado Acknowledges Diminished Value Claims

Lost vehicle value, also called diminished value, is recognized as a recoverable loss in Colorado.

Colorado is therefore said to be a “diminished value state,” which means you could be entitled to bring a diminished value claim after an auto accident.

What you should remember about diminished value claims in Colorado is this:

  • The statute of limitation for a diminished value claim is 3 years.
  • Your personal auto insurance almost never covers diminished value.

How Negretti & Associates Can Help You with Your Claim

Insurance companies are more concerned with maximizing profit margins than helping those affected by car accidents. For this reason, your insurance adjuster may undervalue or deny your diminution of value claim. The insurance company will always try to reduce its costs and save money.

The experienced auto accident lawyers at Negretti & Associates regularly handle diminished value claims for our Colorado clients. If you’d like to schedule a free consultation, please call us at 602-531-3911 or click here to write to us.

diminished value claims california

If your vehicle was damaged in an accident, its value has decreased by more than just the repair cost. There are several reasons for this:

  • Replacement parts are usually never as good of quality as original equipment manufacturer (“OEM”) parts.
  • Repairs can structurally compromise and weaken your vehicle.
  • There might be undiscovered (and unrepaired) damage to your car.
  • In some cases, it’s impossible to return a vehicle to its pre-accident condition.
  • A serious collision may even void your factory warranty.
  • Dealerships will not be able to sell your vehicle in a “certified pre-owned” program.
  • Buyers are typically reluctant to purchase vehicles that have been in an auto accident.

Diminished Value in California: Diminution of Value

To account for this diminished value, here in California, you can file a “diminution of value” claim. After an accident, the at-fault driver’s insurance policy should compensate you for your vehicle’s diminished value. However, it is important to note that recent changes in California law have not yet caught up with the times. In other words, insurance companies are still denying claims when they have no legal basis for doing so.

In California, you must file your diminution of value claim within three years of the date of the accident. If you miss this deadline, you will lose your right to bring your claim.

How an Accident Attorney Can Help You

Insurance companies are machines that are narrowly concerned with maintaining profit margins rather than fulfilling the needs of those affected by unfortunate accidents. For this reason, your insurance adjuster may undervalue or deny your diminution of value claim. The insurance company will always try to reduce its costs and save money.

The experienced accident lawyers at Negretti & Associates regularly handle diminution of value claims and can help you successfully navigate this process. If you’d like to schedule a free consultation, we can discuss your situation and evaluate your case. Visit our Diminished Value Claims page to request a free case evaluation.

diminished value claim arizona - arizona diminished value law
Arizona is a diminished value state, which means you could be entitled to bring a diminished value claim after an auto accident. A diminished value claim provides a way for you to recover the lost resale value of your vehicle had it never been subjected to the accident. However, you cannot submit a diminished value claim if you were the at-fault party in an accident.

Why File a Diminished Value Claim?

If your vehicle was damaged in an accident, its value has decreased by more than just the repair cost. There are several reasons for this:

  • Replacement parts are usually never as good of quality as original equipment manufacturer (“OEM”) parts.
  • Repairs can structurally compromise and weaken your vehicle.
  • There might be undiscovered (and unrepaired) damage to your car.
  • In some cases, it’s impossible to return a vehicle to its pre-accident condition.
  • A serious collision may even void your factory warranty.
  • Dealerships will not be able to sell your vehicle in a “certified pre-owned” program.
  • Buyers are typically reluctant to purchase vehicles that have been in an auto accident.

Specifics About Arizona Diminished Value Law

Here are some things to remember about diminished value claims in Arizona:

  • The statute of limitation for a diminished value claim is 2 years.
  • Diminished value claims require evidence describing the extent of the loss.
  • A diminished value claim can be handled as part of a personal injury claim or as a stand-alone property damage claim.
  • Your personal auto insurance almost never covers diminished value.

The experienced auto accident lawyers at Negretti & Associates regularly handle diminished value claims for our Arizona clients. Schedule a free consultation for your diminished value claim, so that we can discuss your situation and evaluate your case.