The 411 on Diminished Value

The 411 on Diminished Value The Hidden Impact of Car Accidents A in Connecticut 4 YEAR Total Number of Auto Accidents in Connecticut 2010 101,621 2011 78,435 2012 95,452 2013 95,826 Connecticut drivers get into lots of accidents. 2014 96,574 Source: Connecticut Transportation Safety Research Center/Connecticut Transportation Institute When you get your car back, it is in tip-top shape. When an accident The "at fault" driver's insurance company is usually responsible for paying for the repairs. While your car is in the shop, you lose the use of your vehicle. occurs, one driver is usually determined to be at fault. But, when your car is repaired, it is "refurbished", meaning that it is probably worth less than it was before the accident because 1) the market (i.e. people) attaches a greater risk to a refurbished vehicle vs. a new one. 2) Repair shops are not able to duplicate some of the processes used by manufacturers. This difference between a car's value before and after an accident is called the "Diminished Value." 2014 Nissan Pathfinder Diminished Value $13,305 Before After 1 $41,805 $28,500 2014 Honda Ridgeline 2012 Subaru Impreza 2013 Rolls Royce Ghost Before After Before After Before After $25,600 $22,500 7 $26,807 $20,106 T$238,266 $178,000 Diminished Value: $3,100 Diminished Value = $6,701 Diminished Value: $60,266 Source: Actual Connecticut Diminished Value Appraisals In Connecticut, you can recover this diminished value if you know the law. But, dealing with insurance companies can be aggravating and time-consuming. It's worth talking with an attorney who knows the law and can help you recover your diminished value, the loss of use of your car and more. In general, you will only be charged if your attorney is able to recover damages. If you are in an accident in Connecticut, contact Forrest Law and speak with Attorney Forrest to determine if you have a diminished value claim. MatthewForrestLaw.com 860.757.3828 [email protected] Brought to you by FORREST LAW Copyright 2016