In terms of fatalities and serious injuries, there is nothing that beats the car accident in the State of Texas. According to statistics, there were more than 208,000 crashes in the year 2020, and among these incidents, there were 3,893 fatalities. These increased from the 3,623 deaths from the previous year. According to the state’s Department of Transportation, these increased even if traffic volumes were 50% below average.
However, another problem comes up with these incidents, and these are the expenses that one needs to pay as a result of being a victim to one of these accidents. Unfortunately, the costs from car accidents may range from an amount insignificant to your salaries to astronomical numbers, which could affect your savings.
However, one must file a diminished value claim in texas as this may help pay for these damages and so much more. These claims aren’t only for simply paying for replacements, after all. Nevertheless, there are a few things to know before getting into this one part of the many laws in Texas.
Diminished Value Claims?
When buying a car, you will be spending a varying amount, depending on the brand and quality of the car. However, most people tend to forget that this amount is an essential piece of information to remember. Consider the situation wherein you take care of your car, and it almost looks brand new even after five years of use.
Nevertheless, you find yourself in a situation where you will need to sell your vehicle in exchange for a fair sum of money. This wouldn’t be a problem if you keep the car in the best possible condition, but this changes once you find yourself in a car accident. In light of this, there is a diminished value regarding your vehicle, and you will find yourself having a more challenging time selling it for its original price.
From this example, one may assume that a diminished value is a monetary value lost due to the accident. However, reduced value pertains to the car’s lost weight after the repairs made after the traffic collision. Therefore, even if the car ended up in the same condition as before the accident, the original deal wouldn’t hold.
With these, the damages can be considered a loss, which may also add to a settlement claim. These are the prerequisites of what the diminished value claim is.
Why File One?
Some may argue that insurance is to take care of everything that involves unexpected accidents and harmful incidents. However, insurance claim adjusters work differently than what one should expect out of them.
Regrettably, many of these insurance adjusters will pull off all the stops to manipulate, frustrate, or stall the claimants even if they have every right to their money. But, of course, this is even more beneficial for them if you have no personal injury lawyers with you in consultations
Insurance companies don’t account for diminished values, and they mostly don’t mention it to customers. Despite their claim that simply repairing the vehicle will restore the vehicle’s functionality and original value, one should know that this isn’t true at all. This isn’t a matter of money but one of the fair reparations for you. Remember that these are also precautions, as car accidents are simply expensive.
The Three Types of Diminished Value Claims?
Much like the number of lawyers practising law, one shouldn’t be surprised to find subcategories to the diminished value claim. Each has different scenarios that give the clients and their attorneys a basis for the claim and reach a settlement.
Perhaps the most common of all these diminished value claims are repair-related. This claim refers to any automobile’s flaws due to substandard repairs. For example, you may not have noticed that they have replaced a side mirror with a cheaper alternative. You may also not have seen that the doors are slightly off-position than before the accident.
Most people don’t know that even mechanical design flaws are also grounds for the claim. For example, the steering wheel may be stiffer than before. In addition, unwanted currents of electricity could also become a problem as this may affect other vehicular functions.
Anything connected to the car and its parts may be subject to cases such as these. No matter the nature of the problem, if one has felt cheated in their repairs, this may be grounds for the settlement claim.
Of course, as the vehicle owner is being repaired, you have every right to choose the type of parts you desire for replacements. However, there are occasions where some insurance companies may restrict you from certain parts and tools.
Whether it would be out of spite or money-saving, this goes against the duty of the insurance adjustor. This is significantly worse when these parts restore cars and trucks to their original conditions.
The final value claim is inherent, involving the cost of lost value in the resale market. Naturally, this comes as a result of the accident that occurred. This is perhaps the easiest to research as the original prices and damages may be researched and calculated online. In addition, they are for all eyes to see and consider for their reselling intentions.
What Comes Next?
Those who doubt the possibility of ever receiving compensation for traffic collisions must remember that they have every right to file these insurance claims. If you were not at fault, you are given two years to file a diminished value claim. To comply, insurance companies must pay you the value lost.
The internet may exist, but an expert vehicle appraiser is a more potent factor in these cases when supplied with receipts and documents. Brands and histories of each vehicle also play an essential part in these claims, and all of these calculations are difficult, especially without an attorney to aid you.
That is why, as a precaution in the Lone Star State prone to traffic collisions, you must find yourself the best-diminished value attorney to help your case. Like in other settlements and court dates, they are the key to receiving what is fair to you.