Question about Diminished Value Claims
I recently purchased a 2025 Acura Integra ASPEC Tech Package just four weeks ago, with only 5 miles on it. It now has 1,200 miles after being involved in an accident that caused approximately $10,000 in damage. The other driver was at fault and has Farmer’s Insurance. Most of the diminished value claims I’ve come across here involve vehicles that are a few years old. Does anyone have experience or information regarding claims for a brand new vehicle? I’m in Virginia. Thanks!
When it comes to diminished value claims for a brand new vehicle, it’s important to understand that you may have a strong case, especially since your Acura Integra is so new and the damage amount is substantial. Here are a few key points to consider:
Diminished Value Calculation: Diminished value refers to the loss in a car’s market value after it has been involved in an accident, despite any repairs. For a new car, this loss can be significant since it can be perceived that the vehicle has been compromised, even after repairs are made.
Documentation: Gather all relevant documentation, including the appraised value of your vehicle before the accident, repair estimates, and any market comparisons of similar vehicles in your area. This information will help substantiate your claim.
Insurance Claims Process: Since the other driver is at fault and has Farmer’s Insurance, you can file your diminished value claim against their policy. Make sure to notify them of your claim and provide all necessary documentation to support your case.
Legal Advice: If you’re unsure about the process or feel comfortable navigating it alone, you might want to consult with a legal professional who specializes in auto accident claims. They can provide tailored advice and help maximize your claim.
Market Comparison: Research how similar vehicles are listed and what their sale prices are post-repair. This can help illustrate the diminished value of your specific model.
Given the circumstances, you may have a strong claim for diminished value, so it’s worth pursuing. Good luck, and I hope you receive fair compensation for your loss!