Diminished Value

Don’t Accept What the Other Party’s Insurer Offers You

Kerr & Sheldon Diminished Value & Loss of Use Vehicle Recoveries

We successfully resolved the following clients’ Diminished Value (DV) & Loss of Use (LOU) cases for their luxury/exotic cars damaged in car accidents:

Date Luxury/Exotic Cars Ins Carrier DV Recoveries
2021 2018 Tesla X P100D Mercury $17,000
2021 2015 Ferrari 458 Italia AAA $153,837
2021 2017 BMW 650i LA Metro $34,000
2021 2013 Thor Challenger RV 38’ State Farm $25,000
2021 Ferrari 458 Italia (LOU only) Nationwide $30,000
2021 2020 Ferrari 488 Pista 2D Coupe RLI Insurance Co. $120,000
2021 2019 Porsche 911 Turbo GEICO $50,000*
2020 Mercedes GLE 450 Wawanesa 10,000

Recovering Diminished Value and Loss of Use for Your Vehicle

Every car buyer understands a vehicle’s accident history can substantially reduce its value.  Even if a car seems mechanically sound and cosmetically clean, the car’s accident history significantly decreases its market value.  If your vehicle is damaged in a collision due to someone else’s negligence, you’re entitled to recover more than repair costs.  You’re also entitled to recover for the ‘diminished value’ and ‘loss of use’ of your vehicle from being damaged and repaired. 

Loss of Use is also an important item of damages in California.  Damages for loss of use are calculated by what a similar car to yours would rent for during the time reasonably necessary to repair or replace a vehicle following an accident. 

Damages for Loss of Use can be significant.  Most new, luxury or exotic cars are expensive to rent.  Repairing these vehicles may take weeks or months to complete.  It’s not unusual for a high-end vehicle to rent for $1,000 or more per day.  If repairs take sixty days, the Loss of Use would be $60,000.

Were You Injured in Your Accident?

The team at Kerr & Sheldon Law are experienced in personal injuries and are ready to help you not only with your diminished vehicle value, but with any personal injury you might have sustained. If you’ve been in a car accident, the personal injury attorneys have over 40 years of experience to assist you with your case. Contact us today for further assistance.

Diminished Value Settlements

The legal team at Kerr & Sheldon have worked on previous cases for diminished values. The table provided below displays examples of cases that Kerr & Sheldon have worked on previously. Don’t let the value of your vehicle go to waste. Get the value you are owed with our help!

FAQ

What is “Diminished Value”?
The accident history of a car involved in a collision significantly decreases its value and often presents safety issues. This decreased value is called “Diminished Value,” and occurs because most people won’t buy a vehicle that has been in an accident without a significant price discount. Diminished Value is the difference between the market value of a car prior to a collision and its reduced value following an accident and subsequent repair. At Kerr & Sheldon, we provide a free diminished value evaluation.

How is Diminished Value calculated?
If a vehicle has lost value due to an accident, the owner is entitled to (1) the difference between its value before the accident and its lesser value after repairs and (2) the reasonable cost of repairs. However, the total amount recovered cannot exceed the vehicle’s value before the accident occurred.

How do I prove how much my vehicle has lost in value?
If you’ve already sold your car, the decreased sales price is proof of the loss. If you still own the vehicle, it’s necessary to hire a reputable appraiser to assess the likely loss in value.

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