What is Diminished Value?
Attention:
If your Lemon Law case or Diminished Value case is accepted by the Law Firm the following rates and fees are now required as of Jan. 1, 2011.
A $500 non-refundable fee is due at contracting to cover the required expert fee to inspect your vehicle and for his report and findings on your vehicle and to cover the fees and expense of an initial letter of representation from the Law Firm and a Demand Packet to the manufacture of the vehicle on Lemon Law Cases or the defendant driver on Diminished Value Cases.
If your Lemon Law Case or Diminished Value Case is successful and a cash settlement is obtained the Law Firm is paid an additional 20 % of any and all recovery and you the client would receive 80% of any such recovery. If no recovery is made then no other fees or expenses are due from you to the Firm.
Diminished Value or a Diminution Claims is the amount of value lossed by your vehicle after a responsible third party has crashed into it and then has paid for the repairs to your vehicle. It is important to understand that a Diminished Value Loss or a Diminution Claim, is an additional amount that can be owed to you after the repairs to your vehicle are complete. The amount of loss of value to your vehicle after an accident can range from a few hundred to over $10,000.
Diminished Value or a Diminution Loss is also referred to as Loss of Resale Value.
Diminished Value or a Diminution Claims are based on the fact that the Trade-in Value of your repaired vehicle can be substantially lower than an undamaged vehicle of the same model and mileage. In some cases Diminished Value or a Diminution Claims can be based on the fact that even after repairs are never perfect or the perception by the public that there could be something wrong with the repairs, even if not visible could show up later. Even if the repairs were perfect, the accident will show up on Vehicle History Reports (CARFAX) and the potential buyer will devaluate the price they are willing to pay for your vehicle, post repairs. Most vehicles older than four years have little diminished value but a newer, low mileage vehicle can have as much as a 20% Loss of the Book Value of your car or even more.
WILL THE INSURANCE CARRIERS RECOGNIZE A DIMINISHED VALUE CLAIM?
YES. Although insurance claims departments will never remind you of this concept, Diminished Value has been tested in Texas Courts and the result has been decided in favor of consumers. We are not attorneys, so if you need the case law that explains what you are entitled to, you may want to consult an attorney. The adjustor handling your case is aware of the case law.
If your Lemon Law case or Diminished Value case is accepted by the Law Firm the following rates and fees are now required as of Jan. 1, 2011.
A $500 non-refundable fee is due at contracting to cover the required expert fee to inspect your vehicle and for his report and findings on your vehicle and to cover the fees and expense of an initial letter of representation from the Law Firm and a Demand Packet to the manufacture of the vehicle on Lemon Law Cases or the defendant driver on Diminished Value Cases.
If your Lemon Law Case or Diminished Value Case is successful and a cash settlement is obtained the Law Firm is paid an additional 20 % of any and all recovery and you the client would receive 80% of any such recovery. If no recovery is made then no other fees or expenses are due from you to the Firm.
Diminished Value or a Diminution Claims is the amount of value lossed by your vehicle after a responsible third party has crashed into it and then has paid for the repairs to your vehicle. It is important to understand that a Diminished Value Loss or a Diminution Claim, is an additional amount that can be owed to you after the repairs to your vehicle are complete. The amount of loss of value to your vehicle after an accident can range from a few hundred to over $10,000.
Diminished Value or a Diminution Loss is also referred to as Loss of Resale Value.
Diminished Value or a Diminution Claims are based on the fact that the Trade-in Value of your repaired vehicle can be substantially lower than an undamaged vehicle of the same model and mileage. In some cases Diminished Value or a Diminution Claims can be based on the fact that even after repairs are never perfect or the perception by the public that there could be something wrong with the repairs, even if not visible could show up later. Even if the repairs were perfect, the accident will show up on Vehicle History Reports (CARFAX) and the potential buyer will devaluate the price they are willing to pay for your vehicle, post repairs. Most vehicles older than four years have little diminished value but a newer, low mileage vehicle can have as much as a 20% Loss of the Book Value of your car or even more.
WILL THE INSURANCE CARRIERS RECOGNIZE A DIMINISHED VALUE CLAIM?
YES. Although insurance claims departments will never remind you of this concept, Diminished Value has been tested in Texas Courts and the result has been decided in favor of consumers. We are not attorneys, so if you need the case law that explains what you are entitled to, you may want to consult an attorney. The adjustor handling your case is aware of the case law.
