Diminished Value Information
Diminished value refers to the decrease in a vehicles market value once a damaged car is repaired due to the results of a traffic crash.
Tennessee is a diminished value state. What this means for Tennessee drivers is that when a motor vehicle collision occurs, the accident victim may be entitled to the diminished value of the vehicle involved.
However, there is also a statute of limitations on torts in Tennessee, so a claim for diminished value must be filed within 3 years of the auto accident.
Greg Coleman Law - Diminished Value Claims Attorney
While diminished value is a wonderful opportunity for accident victims to recover compensation for their damaged and repaired vehicle, insurance companies typically attempt to offer an unjust loss in value amount.
Many Tennessee motorists choose to contact the Tennessee Insurance Commissioner to increase the claim; however, it is strongly advised that any accident victim seeking a diminished value claim to speak with an experienced Knoxville motor vehicle attorney.
Greg Coleman Law Firm has provided professional legal services to residents throughout the state of Tennessee for many, many years. With decades of legal experience under our belts, we maintain a deep understanding of what it takes to be successful in the courtroom. We apply our vast legal knowledge and courtroom litigation experience to fight for your maximum compensation.
If you or a loved one is filing a claim for diminished value, our Knoxville accident lawyers are here for you.
Complete a Free Case Review form on this page to learn more about your options.
Types of Diminished Value
Understanding the details and complexities related to diminished value claims is incredibly important for all Tennessee drivers. Far too many accident victims go into the claims process without fully understanding it. As a result, these people are often left disappointed in the compensation offered for their damaged and repaired vehicle.
Insurance companies will try to lower the value amount and accident victims must be prepared for this prior to filing a claim.
The at-fault partys insurance company will be responsible for paying your claim. Even if the person who hit your vehicle does not have auto insurance, diminished value claims can still be carried out due to Tennessees uninsured motorist property damage coverage.
These claims will be essential when you eventually go to sell your vehicle. Research suggests that about 55 percent of consumers stated that they would not being willing to buy a car that had previously been in an accident.
Generally, diminished value refers to the monetary portion of a cars pre-loss value that was unable to be restored through auto repairs. The following are the three main types of diminished value:
Inherent Diminished Value: as the most accepted and widely recognized type of diminished value, inherent claims refer to the monetary value that has been lost as a direct result of the damage.
Immediate Diminished Value: while rarely used, immediate claims refer to the courts primary measure of the amount of damage inflicted on the vehicle. This relates to the variance in resale value immediately prior to the damage that has taken place.
Repair Related Diminished Value: repair related claims refer to the excess amount that the resale value has been reduced due to insufficient repairs, commonly minor surface flaws or other structural imperfections.
Collecting compensation from the insurance company of the at-fault party is often far more difficult and intricate than many accident victims believe. Once a vehicle has been inspected for necessary repairs and damages, the insurance company is likely to come up with a variety of excuses as to why they are not required to pay what they owe.
As such, hiring an experienced, skilled accident attorney is imperative to achieving the compensation that you deserve.
If you or a loved one has dealt with damage to your vehicle, Greg Coleman Law is prepared to guide you throughout the diminished value claims process. We proudly serve residents in Knox County and across the state of Tennessee.
Contact an Experienced Knoxville Attorney Today
Being involved in any type of motor vehicle collision is stressful and overwhelming. Handling your medical issues, insurance companies, and every other element related to auto accidents is both draining and cumbersome. Greg Coleman Law recognized and understands these difficulties facing all accident victims in Tennessee.
Therefore, we work diligently to make the after-accident process as easy as possible. If you or a loved one has been involved in an auto accident, our Knoxville product liability attorneys are here to help.
With years of experience, vast legal knowledge, and a compassion for protecting the rights of Tennessee drivers, we offer dedicated client care and personal attention to each and every one of our clients. Our main office is located in Knoxville, TN for your convenience.
To get started today, please fill out a Free Case Review form on this page.