Diminished Value Claims in Indiana
If you have damage to your vehicle arising from an auto accident in Indiana, you may be entitled to a diminished value claim. One of the biggest differences with Indiana Diminished Value Claims is that even if you ARE NOT insured at the time of the accident, the at-fault drivers may still be required to pay you for your Indiana Diminished Value Auto Claim.
Diminished value claims in Indiana must be filed within six years of the auto accident. There are several factors they may limit your ability to bring a diminished value claim within Indiana, including the following:
- The accident cannot be your fault.
- Generally, the damage to the vehicle must be caused by another party, not object.
The main purpose of hiring an attorney for this claim is because many times, insurances will provide a value for your car that does not take into consideration many factors surrounding time, value, and current market conditions. Indiana Diminished Value Claims can be difficult to navigate, especially when auto appraisals are involved. Indiana diminished value claims become increasingly difficult when you were not insured at the time of the accident, however, so long as you were not at fault, Tamou Law Group can help you with your Indiana diminished value auto claim.
What are the Different Types of Diminished Value Claims?
There are 3 main types of Diminished Value Claims that are brought to recover damages for losses incurred due to accidents.
- Immediate Diminished Value: This DV claim is generally brought right after the vehicle has been In an accident. The thought behind this type of DV claim is that the car has already lost value even before the owner of the vehicle has had the opportunity to make any repairs to it. In order to figure this type of diminished value claim, the plaintiff would usually use a difference in resale value before the damage happened and the resale value prior to repairs being made but after the damage has occurred.
- Repair Caused Diminished Value: You may have had repairs done to your vehicle after an auto accident, however, if repairs were not done correctly, this may lead to a diminished value of your vehicle ultimately causing a loss of value.
- Inherent Diminished Value: This is by far the most common type of Diminished Value Claim filed. This Diminished Value claim is brought when there is a loss of value just because your vehicle has been in an accident. The fact that your vehicle has been in an accident is not conclusive of the amount you are owed, but instead even if your vehicle has been repaired to its full capability, it is likely that the car has experienced a loss of value just because of its history of accidents and other factors.
How do you Calculate the Value of my Vehicle?
The value of your vehicle is calculated utilizing several factors. Each case is unique requiring its own auto appraisal. At Tamou Law Group, we utilize professional auto appraisers that have decades of experience to help calculate what your Diminished Value Claim is worth. Our Auto Appraisals are generated by individuals who have experienced analysis in diminished value claims and can provide extensive documentation and methods of proof to help bolster your claim. The difference between Tamou Law Group and many auto appraisers is that they cannot bring a claim in your behalf. In fact, they can only provide documentation for YOU to provide to your insurance company. Having an experienced Diminished Value Law Attorney negotiate on your behalf for your claim allows you to get the most for your vehicles loss without having to deal with the headache and manipulation of insurance agencies trying to take advantage of your little knowledge of the law and process.
