Wednesday, December 24, 2008
Diminution in Value to Vehicle Following Car Accident
Following your car accident you may be entitled to an extra payment from the insurance company for diminution in value to your damaged car. This payment is in addition to the repairs of your vehicle and loss of use of your car which should be paid to you by the insurance company. New Mexico law states that you are entitled to the loss in value, depreciation or diminution in value if your car is worth less following the accident.
We use an appraiser to determine the value of the car before the accident versus the value of the car after the accident. The difference is the diminution in value. We normally make this claim for clients with newer cars with substantial damage. Simply, this means that your car is worth less as a trade in or when offered for sale because it has been in the accident. You are entitled to get money from the insurance company for this difference.
If you have a diminution in value claim and have additional questions please contact us for a free consultation.