An accident will diminish the value of your car, no matter how minor or major the damage was. The Stutzman Law Firm, PLLC is an attorney in Flowood, MS who understands diminished value and can help you get the full amount you deserve for your vehicle. Since not every attorney takes this into account, many accident victims don't get the full value for their car.
Attorney Stutzman has extensive experience with diminished value law, and he provides individual attention to each and every case. Contact Attorney Stutzman's office today to schedule an appointment.
Diminished value (also known as diminution in value) is the market value that your vehicle loses when it is involved in an accident. Many times, a vehicle is repaired to a very high standard and you cannot tell that it has suffered previous damage. However, the vehicle will have a Carfax report or other vehicle history report, which shows that the vehicle has suffered prior damage. After being damaged, the vehicle is now worth less on the open market. When the vehicle is traded-in or sold to a private party, you will receive less money. This is diminished value.
You may be wondering why your car loses value, even if it was repaired. Well, there are three different types of diminished value:
1. Inherent diminished value - vehicle loses value because it was in an accident and now has a tarnished accident history
2. Repair-related diminished value - vehicle loses value because it wasn't repaired perfectly
3. Immediate diminished value - vehicle loses value immediately after an accident and before any repairs are made
Are you wondering which type of diminished value applies to you? Talk to Attorney Stutzman about your situation today.