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Damage from a vehicle accident significantly lowers the value of a vehicle, as the reliability and the integrity of the car is reduced. In the state of Texas, you can claim compensation for the diminished value of your car. Here are the specifics for a car accident diminished value claim in Texas:
Texas Diminished Value Claims
The state of Texas allows you to file a claim for the diminished value of a vehicle after an accident. This claim must be filed within two years of the initial accident. The at-fault party cannot file for a diminished value accident claim. The diminished value claim cannot be filed for damage that wasn’t the result of an accident. There are three categories that you can factor into how much compensation you get from your claim:
Repair-Related Diminished Value
Repair-related diminished value refers to the loss of value of the vehicle due to the inability to perfectly repair it. The car’s value will depreciate after the necessary repairs are made to the vehicle, but it will no longer be able to regain its previous value. This usually pertains to vehicles that have a rare color of car paint, foreign vehicles, or higher-end cars.
Immediate Diminished Value
Immediate diminished value claims involve the compensation given by the insurer of the car. Because insurance companies often do not give enough money to completely restore the car, the car’s value is significantly reduced. The value of the compensation given for this category is often the difference between the resale value of the vehicle before the accident and the resale value after the accident occurred but before the car was repaired.
Inherent Diminished Value
Inherent diminished value is commonly and awarded by the courts. This award is meant to ensure that the vehicle receives the proper quality of repairs needed and is based on the resale value of the car after the damage has occurred. This means that the award is given based on the new value of the car after the repairs have been completed.
If you’ve been in a car accident, contact the law firm of Juan Hernandez to get the compensation you deserve. Juan Hernandez is one of the 2% of personal injury attorneys in the state to be Texas Board Certified to practice personal injury law. His expertise can help you recover from an accident and claim the compensation you deserve to put your life back on track. Contact Hernandez Law Group today for a consultation.