Hi, I’m Mike Hancock with Hancock Injury Attorneys and today we’re going to discuss diminished value claims.
The concept of diminished value is fairly simple: the law recognizes that even if your vehicle has been properly repaired it still has a diminished value as a result of being involved in a crash. And for the typical car, the experts really have to find that there has been structural damage to your car. If it’s just cosmetic damage and we’re talking about a car that has a retail value of $20,000.00 to $40,000.00, there’s not going to be any diminished value claim.
If the car, however, is a high-end luxury model or high-end sport car or collector’s car, those cars are of such nature that even without structural damage they can sustain a diminished value as a result of an accident. Even after being perfectly fixed. As an example, if I have a Porsche 911 or an Aston Martin or a Mercedes s550 those cars, even without structural damage, are such that no one wants to touch those cars on the used market if they’ve had any type of damage history.
We’d like to take cases in which the diminished value is at least $10,000.00, so when it comes to regular type of vehicles, we need structural damage. When it comes to high-end luxury and sport models, we can represent you on your claim for diminished value even without any structural damage.
If you have any questions regarding your diminished value claim, I’d be happy to get on the phone with you or have an in-office consultation with you and discuss it at length and explain how we can benefit you in detail. For more information on diminished value claims, please go to our website at hancockinjuryattorneys.com.