Diminished Value - Forrest McPadden

Diminished Value

Connecticut Diminished Value Insurance Claims

Connecticut’s diminished value law establishes the lost market value when your car or auto is damaged by accidents. The loss of property value is called diminished value and often you are owed from an insurance company. Even though a car has been completely and properly repaired, it has lost value for a number of reasons.

First, it has lost value because of the risk associated with the repair of a damaged car. A repaired car generally does not have the same value as a car that was not in an accident. Consumers purchasing cars automatically place less value on a previously damaged car. The market simply pays less for a car that has been in an accident, and it will pay less for yours.

Second, repair shops are not often able to duplicate many of the processes available only to car manufacturers, such as emersion rust proofing, baked on finishing, etc. The point is that you need to be compensated for the value of the car that was taken from you. You will not be able to trade in or resell your car in involved in a collision.

Carfax is an online database of used vehicles and provides potential car buyers vehicle history and VIN number checks. Accidents involving your vehicle will need to be disclosed if asked and will likely show up in the Carfax database.

For these reasons, you may not be able to sell your car for as much as you could have if it hadn’t been in an accident, even though it has been repaired. The value of your car has diminished after an accident. Despite being repaired, we can recover that diminished or lost value through a loss of value claim. Sometimes the loss of value claim results in only a few hundred, but most often it is a few thousand to tens of thousands of dollars.

Don’t let the insurance companies tell you otherwise; sometimes they will say they will not pay a loss of value (diminished value) claim or ask you whether you were planning to sell your car. Neither matter. Connecticut law provides for the recovery of diminished value when someone illegally hits your car because you have experienced a loss in property value through no fault of your own.

Call or email our offices (see Contact form below) to ask a question about Connecticut diminished value law or how to get the lost value of your car after it has been hit in an accident. An attorney will contact you quickly to discuss your claim. Often, as many have found, these insurance claims can be difficult to file if this is your first time. A lawyer from Forrest Law can help you with paperwork and see if we are able to help you secure fair compensation.

Think you might have a diminished value claim? Fill out our online intake form.

Diminished Value Infographic from Forrest Mcpadden

Click For Full Page Image

Attorneys with diminished value referrals
(click here)

Autobody shops & Auto retailers with diminished value referrals
(click here)

For these reasons, you may not be able to sell your car for as much as you could have were it not in an accident, even though it has been repaired. The value of your car has diminished after an accident. Despite being repaired, we can recover that diminished or lost value through a loss of value claim. Sometimes the loss of value claim results in only a few hundred, but most often it is a few thousand to tens of thousands of dollars.

Don’t let the insurance companies tell you otherwise; sometimes they will say they will not pay a loss of value (diminished value) claim or ask you whether you were planning to sell your car. Neither matter. Connecticut law provides for the recovery of diminished value when someone illegally hits your car because you have experienced a loss in property value through no fault of your own.

Call or email our offices (see Contact form below) to ask a question about Connecticut diminished value law or how to get the lost value of your car after it has been hit in an accident. An attorney will contact you quickly to discuss your claim. Often, as many have found, these insurance claims can be difficult to file if this is your first time. A lawyer from Forrest Law can help you with paperwork and see if we are able to help you secure fair compensation.

Act Now

If you think you might have a possible Diminished Value/Property loss, please contact our office by filling out the contact request form below or calling our office at 860-757-3828.

Call us, let’s talk about how we can help.

Diminished Value Contact Request Form

Diminished Value Contact Request Form

INSTRUCTIONS

This person/business is interested in informing and protecting its clients’ rights. To that end, you are being presented with this document. Diminished Value is the lost market value that can take place when a car is damaged. Even though your vehicle is well repaired, it may have lost value due to a blemished vehicle history report and other negative market factors stemming from the accident.

If you are interested in discussing diminished value with Forrest McPadden and learning more about what rights you may have to recover additional funds, please fill out the section below.

Your information will only be used for this initial contact and for no other purpose. For more information on diminished value, please check out Forrest McPadden's diminished value frequently asked questions.

First Name

Last Name

Date of Accident

Phone/Mobile

Email

Preferred contact method

Phone

E-Mail

Your car's make, model and year

Name of body shop where the vehicle is located

Body shop phone number

Disclaimer: The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form. Please check the box to indicate you have read and understood this disclaimer. By entering your name in the space below, you are presumed to have electronically signed this form.

Electronic Signature

Diminished Value FAQs

Blank

What is diminished value?

Diminished value is the lost market value when a car is damaged in an accident. It is essentially a loss of property value. Even though a car has been completely repaired, it has lost value for a number of reasons. First, it has lost value because of the perception that a damaged car is not as valuable as an undamaged car. Consumers purchasing cars automatically place less value on a previously damaged car. Second, repair shops are often not able to duplicate many of the processes available only to manufacturers, such as emersion rust proofing, baked on finishing, etc.

Does your car need to be high-end or new to recover dinimished value?

No, all cars have diminished value if they’ve been in accident. Forrest Law will be able to help you determine what that value is.

Why should I care about diminished value?

Because your car is worth less because of the accident and repairs. The market will pay you less now and when you resell or trade it in. When an auto-insurance company issues a check for repairs, they are paying for the cost of the repairs only. They are not paying you for the inherent loss in value of the car.

How do I recoup this loss?

Forrest Law works with a vehicle appraiser to generate a report and occasionally file a loss of value claim in court to force the insurance company to pay for the loss in value of the auto, a monetary loss that is rightfully owed to the owner.

How much will this cost me?

This process will cost you nothing. The legal work is based on a contingency fee. We will only charge you if we are able to recover damages.

I only had a minor accident, can I still recover damages?

Absolutely. Many times small accidents recover more damages than large ones in loss of value claims. Minor accidents or accidents at slow speeds often cause significant damage that is not always visible. Also, all accidents, no matter the size, depreciate the market value of your car. You experience a loss of property value whether the accident was significant or minor.

My insurance company says that state law does not allow for a diminished value claim. Is that true?

Insurance companies will often try to avoid paying these loss of value claims. Diminished value and case law supporting this type of claim has been in existence for nearly 70 years.

My insurance company says that my vehicle was properly repaired and has therefore not suffered diminished value. What can I do?

Most insurance companies are reluctant to pay diminished value or loss of value claims. An inherent diminished value claim is based on the idea that a vehicle may have been properly repaired, but the value of the car has still depreciated. The vehicle has lost value because it is not what it was before the accident. It no longer has a clean history and potential buyers will see this information.

Will this make my insurance premiums rise?

This should not increase your insurance premium because the loss of value claim is filed with the insurance company of the person who caused the accident. It is a good idea to contact your insurance agent or carrier to verify this is the case.

How long will this process take?

A required appraisal will take about 2 weeks to process and many loss of value claims settle within 90 days. Occasionally, diminished value claims may take longer depending on the complexity of facts or circumstances.

Contact Us Today

Contact Us Forrest McPadden