Don’t Let Value Diminish
When you are in a car accident, not only may you have a personal injury claim for injuries you sustained but you may also receive money for the damage to your car, above and beyond the cost of the repairs. This is called “diminution of value”. As our client, we would work to recover funds for both your medical expenses, pain and suffering, loss of income and your car’s value.
Most people know that as soon as a new car is driven out of a lot, the value of the care quickly decreases. Anything that happens to your car can affect its resale value. Dealerships and used car purchasers take all of the these things into consideration when selling, purchasing, or taking a trade-in vehicle. Something that could greatly decrease the value of your vehicle is an accident. The mere knowledge of an accident could have an effect on a vehicle’s value. So, if you are involved in an accident that was not your fault, some of the damages you may incur are the effect the accident has on the value of your car. In Frederick Motors Inc. v. Krause, 12 Md.App. 62 (1971), the Court found that not only should the negligent party be liable for repairs to your car but that party should be held responsible for any diminution in your vehicle’s value. It is not fair to just pay for the car repairs because, as soon as a car was in an accident, the value greatly decreases and thus causes financial burden to the owner. Therefore, when you are in a car accident and are seeking damages, you need to make sure that a proper evaluation of damages has been done.
Expert testimony is needed to show the diminished value to your car and the expense for that expert is typically cost effective. At the Law Offices of Fredric G. Antenberg, we evaluate all of these potential damages to ensure you are getting the recovery to which you are entitled so that you may be put back in the same position you were in before the accident occured.
Fred Antenberg is a Personal Injury Attorney handling car accident cases and diminution of property cases in the Howard County and Central Maryland region from his Columbia, Maryland office. He can have your vehicle repairs evaluated by an expert, and help determine if any value to your car has been lost from your accident. CONTACT Fred today at 410-730-4404 for your FREE CONSULTATION!