How Does a Diminished Value Claim Work?

motormotor

Our firm was recently retained by a client for a diminished value claim arising out of damage done to the client’s 2017 Dodge Ram 2500 Power Wagon Truck. Our client was in a very serious “t-bone” accident in Raleigh in September 2018, and the client’s vehicle sustained over $14,000.00 worth of damage.

Prior to the accident, the client’s Dodge Ram truck was worth $51,750.00; however, after the accident, in which his truck sustained over $14,000.00 worth of damage, the client’s Dodge Ram truck diminished in value by over $10,000.00. This brought the client’s Dodge Ram truck down in value to $41,000.00!

Our firm worked with our client through the client’s property damage claim, helping ensure that the client’s Dodge Ram truck has been properly repaired.  After his truck was repaired, our firm then hired a North Carolina licensed auto appraiser to complete an appraisal of the diminished value of the Dodge Ram truck. Following a review of the Dodge Ram truck, the auto appraiser estimated that our client’s truck has lost $10,400.00 in value. We are currently in the process of fighting the liability insurance carrier, Geico, to ensure that our client is made whole, and our client receives a full and fair compensation.

If you have been in an accident and are in need of assistance with recovering compensation for the diminished value of your vehicle, please feel free to contact us. We offer free consultations for diminished value cases.