At The Abraha Law Firm, our experienced team of attorneys specializes in handling motor vehicle diminished value claims, recognizing the significant financial impact that occurs when a car or vehicle sustains damage, leading to a decrease in its value.
Although courts are often split on the approach of how diminished value is calculated, The Abraha law Firm is one of a few firms to file suit on diminished value claims. We understand the complexities involved in pursuing these claims and strive to ensure our clients receive the maximum compensation they deserve. Our firm is well versed in the approach taken by the courts to calculate the diminished value of motor vehicles, tailoring our legal strategies accordingly.
How is Diminished Value Calculated?
A diminished value claim seeks compensation for the loss in market value of a vehicle following an accident or incident resulting in damage. The courts typically use one of the following approaches to calculate the diminished value:
- Market Value Comparison Method: This approach involves evaluating the market value of the vehicle before and after the accident. Appraisers or experts may analyze sales data, dealer quotes, or other market indicators to determine the decline in value resulting from the accident.
Often time’s clients take their vehicles to the repair shop and receive back what looks to be a car returned to its original form. However, the stain of a previous accident follows the car indefinitely. Should they later decide to sale their vehicle, the amount they will collect from the sale is often times thousands less than had it not been in an accident. We consider diminished value claims a residual trauma to their auto accident and one that should also be accounted for.
What is an Example of a Diminished Value Claim?
- Example Vehicle: 2020 Honda Accord
- Market Value: $26,000.00
- Post-accident Value: $20,000.00
We would sue for the $6,000.00 difference in diminished value.
Our skilled attorneys at The Abraha Law Firm are well versed in the intricacies of motor vehicle diminished value claims. We work closely with qualified appraisers, industry experts, and accident reconstruction specialists to gather compelling evidence and build a strong case on your behalf. Our objective is to secure the maximum compensation to restore the value of your vehicle and mitigate the financial impact you have experienced.
SCHEDULE A LEGAL CONSULTATION
If you have suffered a reduction in the value of your motor vehicle due to an accident or incident, contact The Abraha Law Firm today. Our knowledgeable team will provide you with expert guidance and dedicated legal representation throughout the process, ensuring that your rights are protected and you receive the full compensation you deserve for your diminished value claim.
Contact us by phone or email to arrange for your confidential legal consultation with one of our attorneys. We promise to listen to you closely, answer your questions and advise you of your complete range of legal options.
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