QUESTION

What is the disadvantage of not claiming a "Diminished Value" of a new car - 2016 involved in an MVA not your fault?

Asked on Apr 19th, 2016 on Insurance - North Carolina
More details to this question:
N/A
Report Abuse

1 ANSWER

Litigation Attorney serving Gastonia, NC at Bradshaw Law Firm
Update Your Profile
The disadvantage to not seeking to recover diminished value of a car damaged by another's negligent conduct is that you will not be fully compensated for your loss.    I assume that the insurance company has paid the cost of repairs, and possibly for loss of use of your vehicle during the time that it was out of service.    Diminished value represents the amount of money by which the vehicle's residual value was reduced as a result of being wrecked. Any car dealer will tell you that a car that has been wrecked, even if fully restored, is worth less money than a vehicle of like kind that has never been damaged.    I hope this helps. 
Answered on Apr 20th, 2016 at 8:17 AM

Report Abuse

Ask a Lawyer

Consumers can use this platform to pose legal questions to real lawyers and receive free insights.

Participating legal professionals get the opportunity to speak directly with people who may need their services, as well as enhance their standing in the Lawyers.com community.

0 out of 150 characters