Arizona Diminished Value Claims
If your vehicle was damaged in an accident – especially if it suffered frame or structural damage – it has lost value. Even if fully repaired following an accident, you might find you are out thousands of dollars when ready to sell or trade in. Arizona diminished value claims provide a way to recover the lost value of your vehicle. Law in Arizona allows an insurance company to consider lost resale value when evaluating property damage claims from motor vehicle accidents following the Arizona Court of Appeals ruling on Oliver v Henry in 2011. In this case, the court ruled Oliver should be paid nearly $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 few Arizona law firms that represent clients for only a diminished value claim. If you were injured in the accident, we can represent you for your injury claim as well.
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 the value you lose when your car is damaged 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 value 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 standalone property damage claim
- Your personal auto insurance almost never covers diminished value
- Very few law firms routinely handle diminished value claims
Vrana Law Firm handles Arizona diminished value claims for our clients. With a free consultation we can discuss your situation and see if a diminished value claim would make sense for you. Click here for information or feel free to read more on Arizona diminished value claims below.
How to make a diminished value claim in Arizona
Insurance companies need proof of 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, and they charge a fee for calculating dminished value. 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 for paying your lost car or truck value, without spending more money than the increased claim value. With an expert appraisal, you have an argument 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)
- Actual sale of the vehicle as well and documentation of all offers received
- Expert opinion without an inspection (this is less expensive but also holds less weight with your insurance company)
- Expert inspection and appraisal of the damage (most expensive but also the strongest argument
Most professional 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.
Risk and reward of handling Arizona diminished value claims on your own
The obvious benefit to handling a diminished value claim on your own is you don’t pay another professional to do it for you. The challenge is navigating a time-consuming process and getting insurance adjusters to work with you. There are several highly qualified appraisers in Tempe and the West Valley we can recommend. <br>After your appraisal, you then navigate the claims process with the opposing insurance. Even though 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 encounter an adjuster who thinks they can low ball or frustrate you into taking what they offer. It is a process that takes time and mental energy.
We can be your first stop on your Arizona diminished value claim
If you are interested in pursuing a diminished value claim in Arizona, we will gladly talk with you over the phone or meet you in person for a free, no obligation consultation to go over the process. 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 Vrana Law Firm to offer individualized service to clients for personal injury and diminished value claims. You can speak directly with attorneys Kel Vrana, Chandra Lehn, or Derick Lysene 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 or Gilbert office.