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car accident, diminished value new truck, truck worth less due to wreck
Ridgefield, WA
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Posted about 1 year ago in Car / Auto Accident
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Diminished value:
I was recently in a car accident in my brand new truck that I had for less than three months. The repairs are determined to be about $14K for a $52K truck. My question is regarding diminished value. My brand new truck had now been wrecked and obviously worth less. I bought it specifically to haul a large horse trailer for my show horses and I personally would not purchase a truck that had been wrecked when I am using it to haul horses. How do I go about determining what is an acceptable reimbursement for the loss of value for my truck?
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Answers (1)
Michael John Fisher
This attorney is licensed in Washington.
Posted about 1 year ago.
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To determine the diminution in value sustained by your vehicle you will need to have the vehicle appraised and then compare the value of that appraisal to the value of an identical vehicle (same make, model, year, features, mileage and condition). If the two vehicles are virtually identical in all characteristics then their fair market value should be equal. However, most likely the value of your vehicle will be less because it has been previoulsy damaged and repaired. The difference in the amount of the appraisal value between the two vehicles is the diminution in value that you are able to claim against the insurance company.
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