Tag Archive: Car Value

Events That Need Diminished Value

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Not everyone has the right to just wake up one morning and claim to have faced a diminished value. The term ‘diminished’ itself means to decrease in value for some reasons. Just to be more clear, a brand new item does not diminish in value because it has not undergone events that will render it diminish in value. We shall have a more in-depth look at the events that need diminished value events and will bring to light everything that you need to know about it. Most people make the mistake of crying foul even when they are not in the position to be doing so. Worse still, they file a case and proceed to involve the court even when their reasons are clearly baseless.

Events that need diminished value events

To avoid confusion, here are the events that can render your car to be of diminished value;

Car accidents

fgdfgdgdfgdgdgdfgAccidents are inevitable, and for what we know, they occur anywhere and to anyone. Car accidents have been rated among the most common and fatal accidents in the world but what happens to your car when you survive the accident? You can choose to have it disposed of as common trash and have its spare parts used in the repair of other cars, or, you could have a professional mechanic look at it and apply their special tactics onto it and give it a whole new look.

Fire

Not just any kind of fire that you can easily joke about and sweep it under the carpet after that. A raging inferno is what is capable of causing a car to be of diminished value. In the midst of the fire, the contents of the car’s battery together with the gasoline are highly flammable, and so they lead to an explosion that causes irreparable damage to the vehicle.

Floods

Of course, no car can wade through the water and come out looking good as new; it comes out looking worse than it did before. The owner can, therefore, decide to have it disposed of for good or retained and given a proper and befitting renovated look.

Natural disasters

Natural disasters such as hurricanes or even tornadoes have the power to bring the car to a diminished value. The wreckage and damages caused by a natural disaster are almost unbearable. You wouldn’t expect your car to come out looking brand new and remodeled after hours of an intense hurricane.

The aftermath of diminished value events

fgdfgdfgdfgfdgYou have to pick up the pieces and move on in a dignified and organized manner such that you are ready to embrace what your lawyer will advise you. A lawyer must be present because if your car has been insured, then the insurance company will have to compensate you for your loss.

Dealing with an insurance company on your own will not guarantee you victory, you will need reliable and stable legal backing.

Claim diminished value

Now more than ever, you will need your lawyer to back you up especially when you are not at fault. Since the insurance company will not honor this claim, you need to proceed to court.