A Texas car accident can result in severe personal injuries. In many cases, a car accident will also result in significant property damage to the vehicles involved.
In the aftermath of a car accident in Texas, you may elect to have your vehicle repaired.
However, even if the vehicle is restored to the condition it was in prior to the accident, the overall value of the vehicle may still be diminished.
This is often due solely to the fact that the vehicle sustained damages in an accident.
As a result, you may have to bear that resulting loss in value due to no fault of your own. Fortunately, however, there are ways to seek compensation to cover this loss of market value.
Have questions about how to recover in the aftermath of your Texas auto accident? Contact the car accident lawyers at The Zimmerman Law Firm today.
Diminished Value Claims in Texas: An Overview
Before moving forward, it’s important to have a basic understanding of diminished value claims in Texas. So, what exactly is a Texas diminished value claim?
Essentially, a diminished value claim is one that you may bring with your own insurer or against another party’s insurer to cover any diminution in value of your vehicle as a result of an accident.
How Do I Qualify for a Texas Diminished Value Claim?
Importantly, not all people qualify to file a diminished value claim in Texas simply because their vehicle sustained damage and a resulting loss in value. Generally, the following must also be true:
- The person that caused the accident was underinsured or did not carry sufficient coverage to cover all costs and diminished value of the vehicle;
- You carry uninsured or underinsured motorist (UM/UIM) coverage; and
- You were not at fault in causing the accident.
If you have questions about whether you qualify for a Texas diminished value claim, give our team a call today to discuss the facts of your case in more detail.
Diminished Value Appraisals
After filing your claim, the next step is determining an appropriate diminished value. To obtain this valuation, insurers will typically send an adjuster to value the vehicle.
Common factors to consider in a diminished value appraisal include:
- Make and model of the vehicle;
- Prior accident history;
- Age of the vehicle; and
- Vehicle mileage.
It’s important to note, however, that you do not have to blindly accept the value obtained during the diminished value appraisal.
Instead, consider obtaining a competing value from an independent appraiser to help further negotiations moving forward.
Need Help Assessing a Texas Diminished Value Claim?
Between personal injuries, vehicle damage, and emotional trauma, dealing with the aftermath of a car accident in Texas can be complicated and overwhelming. However, you do not have to navigate this process alone.
At The Zimmerman Law Firm, our dedicated and award-winning trial attorneys are ready to help you fight for your rights.
Whether you need assistance pursuing a Texas diminished value claim or need an attorney to take your case all the way to trial, we will always pursue justice for our clients.
Contact our team today for a free case review to discuss your case and see what we can do for you.