A vehicle involved in a motor vehicle crash even though repaired to industry standards may have suffered a loss in value as a result of the crash. This is known as diminution in value. It is not necessary that you sale or trade a vehicle in order to establish its post repair value. Arizona law does not require the sale or transfer of the damaged vehicle to establish a claim for diminution in value or to prove the amount of loss in value.
The loss occurs the moment the vehicle is damaged. Even though it is repaired to industry standards, it could still have a diminished value. The owner of the vehicle is not required to sell, exchange or otherwise dispose of his damaged, subsequently repaired vehicle, to establish an actual provable loss in value so long as the loss is established through other competent means such as an expert appraisal of the pre-loss and post repair values.
Insurance carriers routinely take the position that until the vehicle is sold, traded or otherwise disposed of, any attempt to establish the post repair value is speculative. Simon Law Group has experienced experts who can evaluate your vehicle for a diminished value claim. If you believe you may have such a claim, contact Craig@SimonLawGroupAZ.com or 480-745-2450.
