Diminished Value
Texas Law may enable you to recover the amount of "value loss' your vehicle sustained. This "value loss" is known as Diminished Value or a Diminution Loss.
Additionally, Texas Law requires that you disclose if your vehicle has been in an accident when you sell the vehicle. It is thus important that you understand that if your vehicle has been involved in an accident and then repaired you may have a claim for the Diminished Value of your vehicle.
There are three types of potentially recognized Diminished Value Claims in Texas:
1. Inherent Diminished Value
Inherent Diminished Value is the cash value that your vehicle has lost due to the damages that occurred in the loss. This is the amount that your vehicle was worth just prior to the loss less the value just after the repairs are completed. Most vehicles that have sustained damages due to a collision will have Inherent Diminished Value.
2. Claim related Diminished Value
Claim related Diminished Value is caused from repair operation omissions or when the Insurance company does not allow the shop what is necessary to repair the vehicle properly.
3. Repair Related Diminished Value
Poor Repair related Diminished Value is caused when the repair shop that made the repairs to your vehicle does not complete those repairs perfectly. If after the repairs are completed it is obvious that the car has been repaired, often with mismatch paint issues, then your vehicle has poor repair related Diminished Value. The amount of repair related Diminished Value is determined by the overall quality of the repairs. If the repairs are of very poor quality and the repair related Diminished Value is substantial we recommend that you call our Office to review the pursuing the repair shop.
Attorney Gary Gibson with our Law Firm can help you in pursuing a Diminished Value claim. Call or email us today! Call 210-222-2288
