After a car accident, many people focus on getting their vehicle repaired and their medical bills paid. However, another important aspect to consider is the diminished value of your vehicle. Diminished value refers to the decrease in your vehicle’s resale value due to its accident history, even after it has been fully repaired. In Georgia, you may be entitled to compensation for this diminished value. Here’s what you need to know:
Types of Diminished Value:
- Inherent Diminished Value: This is the decrease in your vehicle’s value simply because it has been in an accident, regardless of the quality of the repairs.
- Repair-Related Diminished Value: This is the additional decrease in value that occurs if the repairs were not done properly or with high-quality parts.
Georgia’s Diminished Value Laws:
- Georgia recognizes both inherent and repair-related diminished value claims.
- According to Georgia law, the at-fault party’s insurance company is generally responsible for paying for the diminished value of your vehicle.
- You have the right to file a diminished value claim within four years of the date of the accident.
Proving Diminished Value:
- To prove diminished value, you may need to provide evidence such as a professional appraisal, repair records, and documentation of the vehicle’s pre-accident value.
- It’s also helpful to provide information about the market value of similar vehicles that have not been in accidents.
Seeking Compensation:
- When filing a diminished value claim, it’s important to work with an experienced personal injury attorney who can help you navigate the process and ensure you receive fair compensation.
- The at-fault party’s insurance company may try to minimize the value of your claim, so having legal representation can help protect your rights.
- Diminished value claims can be complex, but they are an important aspect of recovering fully from a car accident. By understanding Georgia’s diminished value laws and seeking legal guidance, you can maximize your chances of receiving fair compensation for the decreased value of your vehicle.
If you’ve been in a car accident and believe your vehicle has diminished in value, contact 770goodlaw for a free consultation. Our experienced personal injury attorneys can help you understand your rights and pursue the compensation you deserve.
