So I m asking about diminished car value claims! I was in an accident. I have a 2011 Hyundai Sonata was rear ended at a stop. Damage cost $2800 my insurance provider is USAA. This is in NJ which is a no fault state just FYI. Found out the driver who hit me didn t have insurance at the time of the accident but
So I m asking about diminished car value claims! I was in an accident. I have a 2011 Hyundai Sonata was rear ended at a stop. Damage cost $2800 my insurance provider is USAA. This is in NJ which is a no fault state just FYI. Found out the driver who hit me didn t have insurance at the time of the accident but renewed it at the scene afterwards (not that it helps me). But it s most likely going to turn into an uninsured motor vehicle accident. With all of this in mind I wanted to look into diminished car value claims and see if I can t get some money back any advise tips? Is my situation worth looking into or no? Thanks for any help in advance guys!
There is no such thing as a diminished value claim. It's not possible to prove diminished value in court.
Insurance can only compensate you for a loss, and you are required to prove what you lost before you can claim compensation. Let's look at this diminished value situation for a minute.
Your vehicle was worth $XXXX.xx before the accident. The accident resulted in $2800 worth of damage, so you claim $2800 in compensation and are paid. If the repairs are done correctly, your vehicle is still worth the same amount. But that's not what you're thinking, you're thinking that when you sell the vehicle your buyer will find out there was an accident and not offer you as much because there was an accident. Right? Because that's what diminished value is.
In order to claim compensation for diminished value, you'll need to know exactly when your vehicle will be sold. You'll also need to know exactly how much you'll be paid for it, and you'll also need to know (and prove) how much more you would have been paid if the accident had not happened. And you'll need to show proof of all of the above.
NOTE: Any loss of value due wear and tear, mechanical breakdown, corrosion and / or other depreciation will be deducted from your diminished value claim, since those have nothing to do with the accident that happened on that date.
Does that sound impossible to you? Yes it does. And that's why there is no such thing as compensation for diminished value.
Good news is that you was rear ended, so no dispute of fault To collect would normally be from the at fault insurance company, but since guy is uninsured, will be paid by your insurance.
The key is that you must be not at fault, and you are not.
You don't have a claim for diminished value. if the car is repairable and if you have collision insurance, your claim is the cost of repairs less your deductible.
If you want legal advice, go talk to a lawyer.