Diminished Value In Auto Accident Policies
Insurance companies will do whatever they can to minimize their payments on claims. Even when the claim is legitimate, an insurance adjuster will find any means possible to lower the payment on a claim. In property damage claims resulting from auto accidents, diminishing the value is a common strategy. After a car accident, truck accident or other auto accident, it is critical to work with a legal team that knows how to maximize your compensation.
At the law offices of Joel L. Katz, L.L.C., we handle diminished value in car accident claims for clients throughout Maryland. Our lawyers have more than 125 years of combined legal experience serving clients from our home office in Annapolis, in Chestertown and to the Eastern Shore.
Helping You Receive Maximum Property Damage Compensation
We see insurance companies diminishing value in auto accident claims in two ways:
- First, when a car is totaled, the insurance company will provide compensation according to the stock blue book value of the vehicle. However, this value often does not include extra available options or other post-purchase upgrades the driver has added to the vehicle.
- Second, when a car is not totaled but repaired, the insurance will cover the cost of the repair, but this does not take into account the diminished value of an automobile once it’s been in an accident.
At JJoel L. Katz, L.L.C., we know how important it is to maximize compensation in every aspect of your claim. With the extensive costs, lost wages and other expenses, every bit of compensation is important. Our lawyers will represent you aggressively to make sure we obtain the full value of compensation for your claim.