One of the benefits of being a plaintiff’s attorney is that I am able to advocate for the “little guy” against Big Insurance and Big Corporations. It’s quite humbling and rewarding to know I can help empower others to stand up to “the powers that be” to try to get what they may be potentially owed.
So in the interest of empowering the general public, I’d like to go on record to out a widespread tactic that some insurance companies use that prevents their claimants from recovering millions of dollars a year.
Non reimbursement for diminished value claims.
What Is a Diminished Value Claim?
Have you ever heard of a diminished value claim? I didn’t think so. That’s what some insurance companies may bank on. And they likely won’t bring it up to you. (That’s more money they get to keep, you see.) It is one of the insurance company’s dirty little secrets and it can be a real money maker for them – millions of dollars a year.
Diminished value claims allow you to recover the difference between the car’s pre-accident value and the value of the car after it has been repaired. Let’s say, for example, a car that has never been in a wreck may be worth $20,000 at resale, but worth thousands less if it had been in a car wreck and repaired. The difference in those two amounts would be the diminished value claim.
Although you pay for diminished value through your insurance premiums, the insurance company may not necessarily pay you for it after an accident. We have had clients come to us who have asked their insurance company to pay them diminished value, but were low-balled on the amount. They had to get us involved to try to recover what they were potentially rightfully owed – something they had paid for year after year in their premiums.
This is money the insurance companies often keep – money that might be yours!
ABC11 Talks to Hoyt Tessener About Diminished Value Claims
As car wreck attorneys we see this money being left on the table A LOT. We almost always have to ask for diminished value reimbursement when demanding recovery for damages. If we take your NC car wreck injury case, we will evaluate whether you may have a diminished value claim. If so, we will negotiate with the insurance company to try to get them to pay for all the damages you are potentially due by law.
We think it is important for people to know that they may be entitled to diminished value payment if their vehicle has been wrecked due to an accident that was not their fault. (Diminished value claims are void if the accident was your fault.)
Get a Free Case Evaluation From NC Car Wreck Lawyers
If you have been injured in an NC auto crash and we accept your personal injury claim, we will try to determine if you may have a diminished value claim as well. Contact us, or call 1-866-900-7078 for a free case evaluation.
PS… Click here for another relatively unknown secret some insurance companies may not admit to. This secret could put your life in jeopardy or potentially leave you liable for another person’s injuries.