Back to the property damage video series today. Today I answer the question, “After a car wreck, am I entitled to compensation for the reduced value of my car?” (And just a little disclaimer: all of these are based on Texas law. If you’re out of state, talk to a lawyer in your own state. If you don’t know anyone, feel free to give me a call, and I’ll try to get you a recommendation for someone in your area.)
If my car is involved in an accident and it is repaired, am I entitled to compensation for the reduced value of my car?
And the answer, if you’re making a claim against another driver, is “yes.”
And we call those claims diminished value claims. The problem is trying to determine the diminished value of your car.
In the past, we’ve had to go to dealers or used car lots and try to get opinions from workers there. But now there are a number of companies that are sprouting up that can give you an estimate of what your diminished value of your vehicle is for having been in a wreck. They will need to know the details of your car: The make, model, what kind of car you have, the options that you had, how many miles etc. They will also need to know the type of damage. But then they can give you an estimate that you can use to help negotiate any diminished value of your car.
If you want to know more about the companies discussed in the answer, feel free to call or email me, and I’ll pass along that information.