What is Diminished Value?
In relation to motor vehicles, diminished value refers to the loss of value on damaged property after repairs have already been made. In Tennessee, insurance agencies are not required by law to offer settlements for diminished value. However, if you owned a newer vehicle that was irreversibly damaged in an accident that was not your fault, you may consider taking steps to seek compensation for the loss of value on that vehicle. At Pohl & Berk, LLP, our attorneys are familiar with the necessary steps towards filing a successful diminished value claim. We want to help you reach a settlement that covers all of your costs and compensates you fairly for your pain and suffering.
Filing a Diminished Value Claim
Many diminished value claims are denied because the insurance company refuses to provide compensation, the claimant fails to provide the required documentation, or the claimant is unable to prove loss of value definitively. If you have been involved in an accident and are interested in seeking compensation for the diminished value of your vehicle, you should be aware of the following:
- Diminished value claims are rarely awarded to at-fault parties.
- First-party claims for diminished value may be awarded if an uninsured party is involved.
- If you are not the at-fault party, you will not file a diminished value claim with your insurance provider as it will be the responsible party’s agency who would pay.
In addition to these considerations, you will probably need testimony from a certified appraiser in order to file a successful diminished value claim. Due to how often people are wrongfully denied diminished value compensation, it may be in your best interest to seek the help of an experienced attorney.
Contact a Tennessee Car Accident Attorney
If you or someone you know was involved in a car accident in Tennessee and was not at-fault, you may benefit from the help of an attorney of Pohl & Berk, LLP. Contact a member of our legal team by calling (615) 277-2765 today.