If your vehicle has been involved in an auto accident, it may have suffered diminished value. Diminished value is the reduction in market value your car or truck suffers as a result of a collision. There are three-types of diminished value:
Inherent Diminished Value
- Quality Repairs Have Been Made To The Vehicle, But It Is Still Worth Less Than Its Pre-Accident Value Because It Has A Significant Damage History.
- Impossible To Duplicate Factory Seams, Sealers, and Finishes.
- Signs of Repair, Such As Paint Missing Off The Heads Of Bolts, Etc.
- The Effect That The Repair Will Have On The Future Deployment Of The SRS (Air-Bag) Systems.
- The Increased Likelihood of a Mechanical Failure Due To Direct and / or Kinetic Damage.
- The Infeasibility of Duplicating Immersion and / or Robotic Applied Rust-Proofing Techniques.
- The Loss of Factory Warranties and Eligibility Of Certified Pre-Owned (CPO) Vehicle Warranty Programs.
- The Unavailability of Some Factory Decals or Markings.
- Undiscovered Damage Throughout The Vehicle.
- Weaker Structural Components That Appear Cosmetically Sound.
Insurance-Related Diminished Value
- Based Upon And Resultant From Remaining Flaws, Defects, And Damage, Which, Through Their Involvement, The Insurer Had Failed Or Neglected To Fully Or Properly Address.
- Mismatched Paint Finish.
- No Allowance for Application of Factory Sealers, Sound Deadening, Rust Proofing, Etc.
- Overlooked Or Disregarded Kinetic Damage Throughout The Vehicle.
- Overlooked Or Disregarded Mechanical Damages.
- Overlooked Or Disregarded Safety Issues.
- Remaining Repair Related Residue, Dirt, Etc.
- The Lack of Replacement Decals and Labels.
- The Use of Inferior Replacement Parts.
Repair-Related Diminished Value
- Additional Reduction to the Value of the Vehicle Due To Poor-Quality Repairs and a History of Damage.
- Damage and / or Removal of Irreplaceable Factory Decals and Markings.
- Frame/Structural Repair Listed On the Insurance Estimate, But Not Completed Properly and / or Thoroughly.
- Mismatched Color After “Tinting” And “Blending” Processes Were Provided For.
- Poor Structural, and / or Cosmetic Welds.
- Remaining F Laws (Paint-Runs) and Defects (Dirt, Etc.) In Applied Finishes.
- Sanding Scratches on Moldings, Glass, and Trim.
- Signs of Repair, Wavy Body Work, Sand Scratches, Paint Overspray, Etc.
- The Failure Of Duplicating Factory Appearing Sealers, Sound Deadening, Rust Proofing, Etc.
- Undiscovered, Overlooked, Or Disregarded Damages/Testing SRS Systems.
- Undiscovered, Overlooked, Or Disregarded Kinetic Damage.
- Undiscovered, Overlooked, Or Disregarded Mechanical/Electrical Damages.
If your damaged vehicle is relatively new and you are going to have the necessary repairs made, you may be entitled to the diminishment in the vehicle’s value. However, this is only true for repaired vehicles. If your vehicle was totaled, you should receive full market value.
Corbridge Law Offices, P.C. will guide you through the complexity of a property damage claim. We can assist you in obtaining quality repairs and gather all the evidence you’ll need to support your diminished value assessment. If you decide to proceed, we can help you locate a third-party appraiser who can prepare a Diminished Value report. If we are successful, you can recover the difference between what the vehicle would have been worth had it not been in an accident, and what it is actually worth following the collision.
When in need of assistance determining diminished value, Portland, Oregon residents visit Corbridge Law Offices, P.C. We service the entire metro area, including Beaverton, Hillsboro, and all of Washington County. Contact us to learn more about our services.