Are you struggling to manage the process of dealing with a diminished car value claim in Texas? Texas is a state renowned for diminishing car values following accidents. It’s essential to know the facts and what you’re dealing with when it comes to diminishing claims.
Read on to understand what is a diminishing car value claim? As well as what you can do to pursue the claim.
How Do Diminishing Car Value Claims Work in Texas?
What exactly is a claim for diminishing car value? This filing entails that following an accident, even if your car’s restored to mint condition, it’s still not worth what it would be should it not have had an accident. That’s to say, your car is worth less because there’s an accident report in the vehicle’s history.
There are different ways in which a car can have diminished value.
- Repairs Related Diminishing Value—This means that because repairs cannot restore the car to the standard of new, the car loses some of its worth.
- Immediate Diminished Value—This means that the accident had an immediate and likely total impact on the vehicle value.
- Inherent Texas Diminished Value—This filing type suggests that even after repairs restore the car to “good as new,” the accident history inherently detracts from the car’s market value.
If you’re looking to make a claim regarding the diminished value of a vehicle, then it’s important to know that you should do this within two years of the accident itself. It’s also important to be aware that you cannot be the at-fault party when making this claim, and you also have to prove that your car has lost some of its worth following the accident.
Calculating Diminishing Value
Many factors have to be considered while calculating diminished claims, so much so that it might be worthwhile bringing on board a professional to help make this calculation. Some of the factors that impact the claim are the age of the vehicle, the model, the vehicle’s mileage, and the accident history.
The 17c formula is one many people use because it’s relatively accessible and easy to use to work out the diminishing claim for your vehicle. This process involves checking your car’s value and multiplying this by 10 to find the base loss of value. After this, apply a damage and mileage multiplier.
However, this method can lower the vehicle’s diminished value appraisal to lower than the actual cost of the vehicle. This is why it may be best to employ a professional to calculate the value for you.
When you file a diminished value claim, it’s essential to understand that property value is only one small aspect of the claim itself. You also want to include and specify that you want to add a diminished claim on top of that. As part of this process, you have to prove that your car lost worth due to the accident, and the amount in dollars diminished. You also need to prove that your insurance covers this type of claim.
It’s best to retain all receipts and proof of diminished value for this process so that you can present them to your lawyer. Your lawyer can then present your claim and negotiate compensation for you alongside your insurance company and the at-fault party.
If You Were Injured in a Car Wreck Call Houston Injury Attorney Joe Stephens Now
If you want to learn more about what is a diminishing car value claim or put your claim forward today, then contact Joe Stephens. It may be the best call you make today.
If you’ve been injured by the negligence of another, you could hire any accident lawyer in Katy, TX, or you can hire a good automobile wreck lawyer in Houston, TX. Joe Stephens has been defending injury victims in Texas for over 3 decades from negligent individuals, companies, and greedy insurance companies. As a veteran car accident law firm in Katy, TX, Joe handles all cases personally, and his staff is always available to answer questions.
The Stephens Law Firm, Car Accident Lawyers handles auto accident lawsuits across Texas, including these Houston cities.