After your Dallas-Fort Worth car wreck, your automobile suffers what we call "diminished value." If you've been involved in a car accident in Fort Worth, your car will inevitably have some damage. Hopefully this property damage will be able to be repaired and you can drive your car again. Even though the repairs to your car will help your vehicle look and drive better, but they will also have a permanent condition called "evidence of repairs." Unfortunately, the evidence of the repairs will diminish the value of your car if you try to sell it again. This is called "inherent diminished value."
Texas law says that you must disclose any accident history when you sell a car and usually car buyers aren't willing to pay the full price for a car that's been in a serious accident. The reason for this is that any potential buyer is inevitably going to consider your car of lesser value than a comparable vehicle, since they are aware that your vehicle has previously been involved in a collision - even if your car displays no obvious damages. Other common examples of diminished value in automobiles include repair-related diminished value, where work done by the repair shop was flawed (e.g. color match problems) or claim related diminished value (where an insurance company refused to pay for all necessary repairs).
In order to determine the amount of inherent diminished value in your case, you can subtract the value of your vehicle after all repairs are completed from the total value of the vehicle before the crash occurred. Generally, if the car was worth more than $10,000 before the collision and the cost of the repairs was greater than $4,000 you have a good case for a diminished value claim. Remember, however, that the statute of limitations in Texas (the deadline by which you must make a claim) is two years from the date of the accident, just as with personal injury claims.
You can still make a diminished value claim even in situations where the negligent at-fault driver is not insured, provided that you carry uninsured motorist coverage. A good lawyer will be able to help you identify any existing insurance which you can make a claim against.
If your car is a lease vehicle, you should consult with your lease company to discuss the matter with them. In some cases they will pursue a diminished value case on your behalf, but in most cases it will be up to you to do so. If the latter is the case, you must obtain a written authorization before you can begin your claim.
For a free consultation with an experienced Texas car wreck attorney, call Fort Worth 817-294-1900.
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