Can You Pursue Compensation for Your Car’s Diminished Value After a Los Angeles Car Accident?

Can You Pursue Compensation for Your Car’s Diminished Value After a Los Angeles Car Accident?

If you have been in a car accident and your car sustained damages, you must get it repaired by a qualified mechanic. Even after your vehicle has been fixed, its resale value may still be less than its value before the crash. In California, you can recover compensation for the difference in the resale value of your car. But pursuing this compensation can be complex, so you need the expertise of a Los Angeles car accident lawyer as you go through the legal process. A great attorney provides a free consultation to discuss your claim.

What is Diminished Value?

Your car’s pre-accident condition will not be restored even after it has been repaired. Whether you decide to let go of your car, its value has been reduced after the crash. Such a decline in value is known as diminished value. The state lets you file a claim for compensation for such value following a collision. You will have three years from the accident date to file this kind of claim. 

Due to the accessibility of accident reports, the history of your vehicle will be known to possible car buyers. As a result, it can be hard to sell the car and it may only sell for less than you expected. If you trade in the car to a dealership, the latter may refuse to take it or significantly discount their offer due to the car’s accident history. 

Proving Your Car’s Diminished Value

To recover compensation for your vehicle’s diminished value after a crash, you need to prove the fair market value of the car is reduced just because of the crash. Often, you may need to work with an appraiser to assess your car’s make, model, mileage, condition before the accident, and repair quality. Then, your car will be compared to another car that has similar qualities without an accident record. 

Often, cars can lose around 10% of their Blue Book value following an accident. But the exact number depends on the extent of a car’s damage and the quality of the repairs done. To prove the quality of repair, you may need the testimony of a car repair expert.

If your repaired car’s value drops following a collision caused by the negligence of another party, you can pursue compensation for the diminished value. A skilled accident lawyer can help you file a claim, so you can pursue compensation for both the diminished value of your car and the injuries you sustained in the crash. 

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