Diminution of value, also known as diminished value, refers to the loss of value to your vehicle due to the repair itself. This occurs when your vehicle undergoes collision repair. There are times when the repair itself is virtually undetectable, but, when compared to another identical vehicle side-by-side, most will value the repaired vehicle much less than the vehicle that did not undergo repairs.
The statute of limitations is up to four years. You could still have a claim even if you no longer possess the vehicle.
If you’ve ever tried to sell a car with a bad Carfax report, or trade in the vehicle to a dealership you’re well aware that they’ll try to discount the vehicle substantially. Courts will look at many different factors when determining the value of your loss to award. At Carey, Leisure & Neal, our attorneys will study each element of your case and launch an investigation to identify every type of compensation that applies.
Let us help you. All of our attorneys are Board Certified experts recognized as such within the legal industry. When you become our client, we are available for you 24/7.
Contact us at (727) 799-3900 for a free no-obligation consultation and case evaluation.