What is a diminished value claim?
Diminished value is the amount by which the resale value of your damage repaired vehicle is diminished. Simply put, a damaged vehicle, even if properly repaired, is almost always worth less than an identical vehicle what has not had significant damage. Would you pay the same amount for a vehicle that has been significantly damaged as one that was not? Do you think a car dealership is going to discount your trade in value when you trade your damage repaired vehicle in?
You may have a good Oregon diminished value claim if:
• Your vehicle is six model years old or newer.
• Your vehicle has never been damaged in an accident before.
• Your vehicle sustained damage that required over $3,500 in repairs.
• The other driver was at fault and their insurance company paid for the repairs.
How much is my diminished value claim worth?
The value of your diminished value claim is based on a number of factors, including: The value of your vehicle, the car damage condition, the amount of damage, the amount of structural damage or frame damage, and the desirability of your vehicle. The only way to truly know what the diminished value of your vehicle is to have it appraised by a qualified appraiser. I recommend Bill Blake at Blake Car Company (503) 691-1698.
Is it worth hiring an attorney to pursue my Oregon diminished value claim?
Yes. Many insurance companies will refuse to pay a fair amount or any amount at all unless they are forced to. In Oregon, there is a statute that applies to diminished value claims of $10,000 or less. Under this statute, if I send a demand letter to the at fault driver’s insurance company demanding payment of $10,000 or less, they have 30 days to give an offer. If they do not tender an offer within 30 days or give an offer that I later beat, they are required to pay my attorney fees and filing fees.
Often times they will not tender any offer. If they do not tender an offer and I file suit after the 30 days, they are liable for attorney fees and court costs if I recover any amount for your diminished value claim. Once a lawsuit is filed, they oftentimes settle these claims as quickly as they can, as they do not want to get a big attorney fee bill from me.
I handle diminished vehicle value cases on a contingency fee basis. This means YOU DON’T OWE ME A LEGAL FEE UNLESS I RECOVER MONEY FOR YOU.
Contact Craig Hopkins now for a free initial legal consultation.