A car accident can result in a number of different issues for the parties involved. You could suffer injuries that need time to heal and require costly medical treatments, or you could need your vehicle repaired.
But if you need to get your damaged car repaired, keep in mind that even after full repairs, involvement in a car accident typically lowers the value of your vehicle.
In Colorado, insured drivers can make a diminished value claim against the party whose negligence caused damage to your vehicle.
Alternatively, Colorado allows insured drivers to make a diminished value claim against the collision coverage under their own auto insurance policy, subject to certain exceptions.
For example, you cannot recover under a diminished value claim if you caused the collision.
If you need assistance with a Colorado diminished value claim, contact one of our attorneys at the Tenge Law Firm, LLC, to discuss your case.
To begin the process, contact us today at 303-536-7675 to schedule your free consultation.
What Does Diminished Value Mean?
The diminished value of a vehicle refers to the value of a vehicle before the car accident minus the value of the vehicle after the accident.
Even if your vehicle receives full repairs, the value is often automatically lowered following the accident for many reasons, including:
- Buyers hesitate to purchase vehicles with an accident history;
- Dealerships cannot sell the vehicle in a “certified pre-owned” program;
- A risk that repairs were completed incorrectly;
- Parts used in repairs may differ from the original equipment manufacturer parts;
- Extensive repairs can structurally compromise a vehicle;
- Fears of undiscovered damage caused by the accident; and
- Warranties may be voided.
You can figure out the value of your repaired vehicle by consulting an auto appraiser or taking your vehicle to a car dealership.
If your vehicle suffered significant damage after a car accident, contact our office today to discuss a potential diminished value claim in Colorado.
How to Calculate a Colorado Diminished Value Claim
To recover on a diminished value claim in Colorado, it is your burden to prove that your repaired vehicle is worth less than your vehicle was worth prior to the accident.
You can find information about the value of your vehicle immediately before and after the car accident by utilizing tools like the Kelley Blue Book or in-person auto appraisals.
You can also look for similar vehicles sold in your area recently. Once you ascertain the value of your vehicle immediately before the accident, you can subtract that number from the value of your vehicle after it was fully repaired.
The result is the amount of your Colorado diminished value claim. For example, if your vehicle was worth $10,000 immediately before your car accident, and the vehicle is only worth $7,500 after repairs, you could seek $2,500 through the diminished value claim.
If the at-fault driver’s insurance company attempts to offer you a settlement immediately after the accident, make sure you do your research before accepting. In some cases, insurance companies will make a lowball offer right after the accident occurs.
As a basic rule of thumb, you should never accept the first settlement offer. Additionally, you should conduct your own research to ensure the offer is reasonable.
Consult with one of our attorneys before you agree to a settlement, so we can make sure you receive the compensation you deserve.
Contact a Colorado Diminished Value Claim Attorney Today
Tenge Law Firm, LLC, has been representing clients injured in car accidents for 30 years. Our team consists of highly-skilled and experienced attorneys, investigators, paralegals, and support staff.
We aim to achieve the best possible outcome for each one of our personal injury clients.
At the Tenge Law Firm, LLC, our clients receive individualized attention and personalized representation. You will not wait weeks for an email response or returned phone call.
We pride ourselves on providing our clients with an exceptional level of communication. We have experience handling all types of personal injury claims.
Additionally, we are confident that we can assist you in achieving the compensation you deserve. You do what you need to do to take care of your health, and we will do the rest.