Arizona Diminished Value Claims

If your vehicle was damaged in an accident, it’s value has decreased by more than just the repair cost. Arizona diminished value claims provide a way to recover the lost resale value of your vehicle. The law in Arizona allows an insurance company to consider lost resale value when evaluating property damage claims after a motor vehicle accident ever since the Arizona Court of Appeals ruled on Oliver v Henry in 2011. In this case the court ruled Oliver should be paid the almost $10,000 his vehicle lost in resale value. 

Unfortunately, insurance companies rarely offer to pay diminished value claims and never without being prodded. Vrana Law Firm is one of the few Arizona law firms that represent clients for just a diminished value claim. If you were injured in the accident we can represent you for your injury claim as well.

Vrana Law Firm offers free consultation on diminished value claims

In July I was hit by a car while bicycle commuting to work. I had a lot of questions about whose fault it was considering I was on the wrong side of the road and they had run a stop sign. Kel took his time to explain to me the differences in laws between cities and my rights. He helped me come to the conclusion that my best bet going forward was not to use an attorney. I appreciate his honesty and help finding the solution that made the most sense for my situation. -Ian

Kel Vrana, Amy and staff were very professional and on top of it from start to finish. Answered all my questions and Very pleased to have them on my side!!! – Ed

Some Arizona diminished value claims facts:

  • Arizona Diminished Value Claims are a way to make the insurance company compensate you for your vehicle’s lost resale value caused due to damage in an accident
  • Arizona Diminished Value Claims can be filed if the other driver is at fault
  • Arizona Diminished Value Claims require evidence describing the extent of the loss
  • Arizona Diminished Value Claims can be argued by an individual against the at fault insurance company
  • Arizona Diminished Value Claims can be handled by an attorney as part of a personal injury claim or as a stand alone property damage claim
  • Your personal auto insurance almost never covers diminished value
  • Very few law firms routinely handle diminished value claims

The Vrana Law Firm handles Arizona diminished value claims for our clients. If you’d like to schedule a free consultation we can discuss your situation and see if a diminished value claim would make sense in your situation. Click here for information or feel free to read more on Arizona diminished value claims below.

How to make a diminished value claim

Insurance companies need proof of the damages (money lost) when evaluating your claim. A professional diminished value appraisal serves as evidence for this loss. There are several qualified appraisers in the Phoenix area. They charge a fee for their service. You must consider the cost of your vehicle and amount of damage sustained to determine if the expense makes sense for your claim. If you have a new, luxury, or other highly valued car that has been significantly damaged, you will likely benefit from a diminished value claim. However, we have successfully pursued claims for vehicles worth as little as ten thousand.

Results of your diminished value claim

The goal of making an Arizona diminished value claim is to hold the insurance company liable to pay you for your lost value, without spending more money than the increased claim value. With an expert appraisal, you have an argument that the decrease in resale value is an amount of money you are owed, even if you do not plan to sell the vehicle.

Acceptable Evidence of Loss

Insurance companies require a professional estimate of loss to process a diminished value claim. You have several options for documenting the damage including:

  • A written purchase offer from a dealership (which is difficult to obtain)
  • Actually sell the vehicle as well and documentation of all offers received
  • An expert opinion without an inspection (this is less expensive but also holds less weight with your insurance company)
  • An expert inspection and appraisal of the damage (most expensive but also the strongest argument

Most professional inspections and appraisals cost between $300 and $500 dollars. If you choose to have Vrana Law Firm handle your diminished value claim, we advance this cost so you have no additional out of pocket expense during your claims process.

A truck with damage to the front end

Risk and reward of handling Arizona diminished value claims on your own

The obvious benefit to handling an Arizona diminished value claim on your own is you don’t need to pay another professional to do it for you. There are several highly qualified appraisers in Tempe and the West Valley we could recommend that will work with you. After you have your appraisal, you then must navigate the claims process with the opposing insurance. Even though the insurance is obligated to pay your diminished value claim, some adjusters may drag their feet on issues such as liability disputes or revealing coverage limits to delay the process. The risk here is that you may encounter an adjuster who thinks he can low ball you or frustrate you into taking what they offer. It is a process that takes time and mental energy to deal with.

We can be your first stop on your Arizona diminished value claim

If you are interested in pursuing an Arizona diminished value claim, we will gladly talk with you over the phone or meet with you for a free no obligation consultation to go over the process with you. Give us a call at 480-359-6002 to schedule your free consultation.

Our attorneys work directly with you on your Arizona diminished value claim

Personal injury lawyer Kel Vrana founded the Vrana Law Firm to offer individualized service to clients for diminished value claims and personal injury claims. If you would like to discuss your diminished value claim you can speak directly with attorneys Kel Vrana or Chandra Farris to discuss recovering your vehicle’s lost value, finding medical treatment, holding the other party accountable and whatever else your case may require. If you have been in an accident in Scottsdale, Tempe, Mesa, Gilbert or elsewhere in the East Valley we can meet you in our Tempe office. If you live in the West Valley we can also meet you in our Peoria or Surprise offices to discuss your diminished value claim.