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.