Diminished Value Claim Due to Depreciation and Delayed Sale
I’ve had a bit of bad luck recently. I was in the market to trade in or sell my car when it was involved in a serious accident with two other vehicles while parked on the street.
The car is still drivable, but the estimated repair costs are around $9,000, and with service centers fully booked for 4-5 months (it’s a Tesla, and this happened in December), I’m still waiting for my repair appointment.
To make matters worse, a redesign refresh of my car model has been released, which means that by the time I finally get it repaired, my vehicle will have been sitting idle for 4-5 months, leading to further depreciation.
My question is this: Can I file a claim for diminished value due to depreciation not directly related to damage, such as this situation I’m facing?
I’m sorry to hear about your accident; that sounds really frustrating. When it comes to diminished value claims, the rules can vary by state, but typically, diminished value refers to the reduction in a car’s market value due to an accident, even after it’s been repaired.
In your case, since the delays in repairs are outside your control and have resulted in depreciation, you may have a case for diminished value. However, non-damage factors like model redesigns are less commonly covered. To strengthen your claim, you might want to document everything, including the accident details, repair estimates, and the introduction of the new model.
Also, check with your insurance policy and potentially consult with a legal expert or an insurance adjuster who specializes in diminished value claims to get the best advice for your specific situation. Good luck, and I hope you can resolve this soon!