Filing a Diminished Value Claim
In the state of Kentucky, individuals who have been involved in an accident and are found not at fault are entitled to claim compensation for something called diminution in value. When in regards to cars, this covers the loss of value on a vehicle after the repairs have been made. If you are involved in a car accident that is not your fault, the insurance agency that provides coverage for the individual who caused the wreck should pay to have your car fixed and offer a settlement that covers lost trade-in or re-sale value related to the accident. This is more pertinent in situations involving newer vehicles that are damaged in these accidents, as older cars already have a higher diminished value due to age and mileage. At Wilson & McQueen, PLLC, we want to ensure that you receive compensation for all of your pain and suffering after a car accident that you did not cause. Our attorneys fight to make sure that you are truly made whole after your collision.
Considerations when Filing a Diminished Value Claim
Diminished value claims can be tricky, as certain steps must be completed according to a specific timeline. A few things you may need to know about filing your diminished value claim are as follows:
- Generally, diminished value claims are not awarded to claimants who were found at-fault for the accident.
- One major exception to the above rule happens when an uninsured or under-insured motorist is involved.
- Diminished value compensation is awarded by the at-fault party’s insurance agency; therefore, if the accident was not your fault, you would not file a diminished value claim against your own insurance agency.
Diminished value claims are often denied due to improperly completed paperwork or inability to prove lost value. For these reasons, it may be in your best interest to seek the advice and assistance of a qualified legal professional.
Contact a Lexington Car Accident Attorney
If you or someone you know is dealing with the stressful consequences of a car accident for which you were not at fault, call the Lexington attorneys at Wilson & McQuen, PLLC at 859-788-7600 today to find out how we can help you get adequate compensation.