Diminished Value Claim for Depreciation and Delay in Sale
I’ve hit a bit of bad luck recently. I was in the process of trading in or selling my car when it was unfortunately involved in an accident with two other vehicles while parked on the street.
While my car is still drivable, the repair costs are expected to be around $9,000, and service centers are booked out for 4-5 months (it’s a Tesla, and the accident occurred in December, so I’m still waiting for my repair appointment).
To make matters worse, a redesign refresh for my model has been released, which means by the time my car is repaired, it will have experienced 4-5 months of depreciation.
I’m curious: can I file a diminished value claim for the depreciation that’s not related to damage, as in my situation?
I’m sorry to hear about your situation—it’s definitely frustrating to deal with such delays and the impact on your car’s value. Regarding your question about claiming diminished value, it generally refers to the loss in the market value of your vehicle after it’s been involved in an accident and repaired, regardless of the repair quality. However, diminished value claims might not extend to depreciation due to factors unrelated to the accident, like model redesigns or market shifts.
In your case, since the redesign refresh of your car happened while you are waiting for repairs, it could complicate your claim. Insurance companies typically consider physical damage and repairs when assessing diminished value, but they may not take into account the market conditions or depreciation solely due to timing and redesign.
It would be beneficial to consult with a local attorney specializing in auto insurance claims or a specialized claims adjuster. They can give you specific guidance based on your situation and help you understand if there’s a case for claiming diminished value in light of the external factors affecting your vehicle’s resale value. Good luck, and I hope you can resolve this issue soon!