If you have ever been in a major automobile accident, then you know about the laundry list of losses that you have incurred. Extensive medical bills and car repairs are just the beginning of the expenses that result from auto accidents. The frustration piles on when you realize the opportunity costs that are associated with being the victim of someone else’s negligence. For example, you may be out of work due to an injury and miss out on contributing to a career-boosting project, or your family vacation plans may have to be postponed indefinitely until you make a full recovery. However, there is a hidden cost to a car owners who has been the victim of an accident; this cost relates to the loss of value to your vehicle after its been damaged in an accident.
The purpose of recovering money for bodily injuries and car damage after an accident is to attempt to restore the injured person to the condition in which they were prior to the accident. While one may have a hard time recovering monetary damages that will compensate for a delayed family trip, any Connecticut driver has the opportunity to recover the difference in car value that was lost after an accident. The courts recognize that even after a damaged vehicle has been sufficiently repaired, it still does not retain the value that it had prior to the accident. Since the legal system is designed to help accident victims become whole again, Connecticut’s courts allow accident victims to file diminished value (DV) claims to recover their vehicle’s lost value.
A DV claim is not some obscure loophole that is designed to get more money out of an insurance company. It is a legally-enforced right of all car owners who experience property damage that is associated with a vehicular Connecticut accident. Legal cases for DV claims have been tried in Connecticut courts since the mid-1940s, and lawyers who have the right expertise in this specialty legal area are often successful at gaining monetary compensation for their clients.
The diminished value of luxury cars and all cars covered under the Connecticut legal system can be recovered with the right legal assistance. The law even allows owners of damaged motorcycles, vans, trucks, tractors and boats to file DV claims after accidents. While no one likes to be cheated, many people do not choose to pursue all of their rights because they are simply not equipped to fight insurance companies to get extra compensation for their losses. After you have been in a major accident, you are undoubtedly exhausted and are often putting all of your energy into making a full recovery. We understand that and are here to help.
We believe that it is important that you fully understand your rights regarding diminished value before you decide to pass on filing a DV claim. Car damage that is associated with vehicular accidents are recorded, and used-car buyers expect to pay much less for your car after they get reports from Carfax or Autocheck that it has been in an accident. Subsequently, Connecticut accidents end up costing you more money than you probably expected. If you have property that was damaged in an accident that was caused by someone else’s reckless actions, we encourage you to contact us for a consultation so that you can recover all of the money for which you are entitled.
If you have a question about your rights please give us a call.