Can You Seek Compensation for Your Car’s Diminished Value after a Car Accident in Grand Junction?

If you get into a car crash in Grand Junction, Colorado, you may sustain injuries and damage to your vehicle. Unfortunately, vehicle damage can mean diminished vehicle value. An accident history can decrease your car’s resale value even if repairs have been made. Car repairs can mean using lower quality parts and compromised warranties. And cars involved are generally not attractive to buyers, especially as buyers think they may still have unseen damages. Fortunately, as a car owner, insurance companies allow for diminished value claims which can repay you for the diminished value of your car. An experienced Car Accident Lawyer Grand Junction will help you file your claim, so you can get the best possible results. 

Understanding Diminished Value Claims

The state of Colorado uses a fault-based car insurance law to determine liability for the damages related to a car crash. Victims of car accidents can hold the responsible party financially accountable, including for their car’s diminished value. If you have been in an accident that damaged your car as a result of another driver’s negligence, you can seek benefits from that party’s insurance policy. 

What Damages Can You Seek?

Diminished vehicle values that result from a car accident can be immediate, inherent, or repair-related. You may be able to seek damages for one of these. Immediate diminished value refers to the difference in the value of your car before the accident and its current value before repairs are made.  Meanwhile, inherent diminished value is the value that buyers perceive because of the accident history. Repair-related diminished value results from problematic, low-quality repairs. Any kind of diminished value could result in compensation to cover the difference between your car’s value before and after the accident.

Negotiating a Diminished Value Claim

Generally, victims of car accidents who sustain vehicle damage must have a case against another driver for negligence to get compensation for the diminished value of their vehicle. How well you negotiate with the insurance company of the at-fault driver will determine your ability to cover fair and full compensation. That is why you should have a car accident attorney on your side to negotiate on your behalf. During negotiations and conversations with a claims adjuster, your attorney will advise you not to give away too much information and never admit fault. Your lawyer will not accept the first settlement offer as this would usually be smaller than the amount you deserve. They know the true value of your claim and will accept only what you deserve. 

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