Your vehicle can lose value after an auto accident. Many people would not agree to pay the full fair market value of a car that they know had received substantial property damage in an accident. Before purchasing a car, one of the questions that buyers ask is whether the car has been damaged in an accident. Professional auto buyers are trained for the signs of body repair damage on a car and the average buyer knows that he should always requires a report on a vehicle before purchasing it. This is because we all know that vehicles lose their value after it has sustained substantial damage in an accident. Vehicles that have been damaged are not worth as much as one that never has been.
Some states recognize the existence of a tort claim for diminished value of a vehicle against the party that caused the accident. In first party cases, these claims do not exist. These are the cases where your insurance company has paid for repairs under their insurance contract with you. The claim for diminished value of your vehicle is jus t one of the claims for damages which may be pursued in addition to the more well know claims for bodily injury. Diminished value claim may also be called lost value, reduced value, or reduction in the value claims. Diminished value claims should apply to any vehicle including trucks, motorcycles, autos or automobiles, boats, and trailers, check it out!
The measure of damages has already been addressed in several cases. The proper measure of damages is the cost of repair, plus the reduction in the value of the vehicle. The burden of proving the reduction in the value of the vehicle is on the plaintiff bringing the claim. Third parties would be entitled to seek recovery on their claims for loss of value. Get more facts about diminished value at https://en.wikipedia.org/wiki/Diminished.
It is important that those claiming diminished value should obtain a quality photograph of their vehicle showing the damage sustained, prior to repair. When the repair records are obtained, an appropriate expert may be obtained to give an opinion on the loss of value of the vehicle after its repair. There is nothing in reported cases which requires that the vehicle must have been sold or traded in order to pursue this claim. The actual loss sustained must be proved and must be substantial enough to warrant the time and expenses required to pursue these claims successfully, go here!