Diminution In Value

In today’s video, Attorney Ben Schwartz explains diminution in value claims. Ben clarifies when and where you can file a diminution in value claim.

Diminution In Value

Hi, I’m Attorney Ben Schwartz,

Today we are going to answer a question, and that is, what is a diminution in value claim? Here is the scenario, let’s say that you are driving your car, it is a brand new car, and you bought it 2 months ago. You get in a car accident, some idiot runs a red light and smashes right into you. Luckily you are not injured, but your car has damage.

You take the car to your local repair facility, it gets fixed, it looks like new. The only problem is, when you run a Carfax report on it, it shows that it was repaired. You decide you are going to go buy another car 1 year later. When you go to trade the car in, you find out that instead of getting a trade in value of $18,000, you are getting a trade in value of $16,000, because it was in an accident.

You have sustained a loss in the trade in value of $2,000, that is a diminution in value. You have a right to sue the person that damaged your car, even though the car was fixed. You have a right to sue the person who damaged the car and recoup what you lost; that $2,000.

Currently, in May of 2017, you do not have a right to make a diminution in value claim in the state of Delaware, resulting from a Delaware auto accident. But, if you are in the state of Maryland, for instance, you do have that right. So, it depends on what state your auto accident was in.

I’m a personal injury attorney. I am admitted to practice law in Delaware and  Maryland, so in some of the car accident cases that I handle, I can make diminution in value claims. In some of the car accident cases that I handle, I cannot.

If you had a car accident and are interested in knowing more about this, send me an email below. If you have questions about any matter pertaining to personal injury, automobile accidents, dog bite, or slip and fall, send them to me. If you would like it on the air, in video format, maybe it is something I can answer for you.

Diminution In Value

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