When individuals purchase or lease a vehicle, they have a legal right to be compensated for the loss of value due to an accident. Typically, this is known as diminished value. However, filing this type of claim can be difficult. It is important to consult with a diminished value lawyer who has experience handling this specific type of case. An experienced attorney can ensure that the necessary steps are taken to protect a person’s right to compensation.
A diminished value lawyer can help clients file a successful diminished value claim by navigating the insurance company process. Insurance companies train their adjusters to be shrewd negotiators, so it is vital that an individual has an advocate fighting on their behalf. With an experienced diminished value attorney by your side, the insurance company will know that you are serious about your claim and that you will not be pushed around. This will often result in the insurance company offering a higher settlement amount.
In addition, diminished value attorneys can also assist their clients by providing them with the necessary documentation to prove a lost value claim. This can include pictures of the damage, repair estimates, and other pertinent information. An attorney can also assist with finding an appraiser who is familiar with writing a diminished value report. Appraisers can be critical in proving this type of claim since the insurance company will want to have an independent assessment of the vehicle’s value after repairs are complete.
An additional benefit of hiring a diminished value lawyer is that they are usually available on a contingency fee basis. This means that individuals do not have to pay a legal fee upfront, and instead, the diminished value lawyer will be paid only after they win the case or reach a settlement. This fee structure makes diminished value lawyers more accessible to individuals who may not have the financial means to hire an attorney for a full-scale lawsuit.
Once the insurance company has received the diminished value appraisal and demand letter, it will make a settlement offer. The insurance company may choose to settle for the full amount of the claim, make a lower offer, or deny the claim altogether. If an individual is unsatisfied with the insurance company’s decision, they can opt to pursue arbitration.
It is important to contact a diminished value lawyer as soon as possible after a car accident. This will ensure that the case is filed within the statute of limitations. If the insurance company does not settle the claim in a timely manner, it is possible to file a lawsuit against them for bad faith. However, a lawsuit should be the last resort, and individuals should try to settle the claim with the insurer before going to court. An experienced diminished value attorney will be able to negotiate a better settlement with the insurance company. This will save time and money in the long run. They will also have the knowledge and resources to take the insurance company to court if necessary.