Diminished Value Claims Following Baltimore Auto Accidents
As a Baltimore Chiropractor that spends the majority of my time treating patients injured in Baltimore auto accident injuries I have become an expert in not only treating injuries sustained in Baltimore auto accidents (headaches, neck pain, mid back pain, lower back pain, radiating neck pain, radiating leg pain, etc.) but also in understanding how to navigate the process of recovery from injury to settlement/judgement.
One of the least well understood or discussed areas following a Baltimore auto accident injury is the diminished value claim. An injured party whose motor vehicle was struck through no fault of their own can recover from the adverse insurance company the “diminished value” of their motor vehicle following the crash.
It’s actually pretty simple. Let’s say you are driving a car worth $15,000. After it gets rear ended the adverse insurance party has to pay to get it fixed. Let’s say it’s fixed and its physically indistinguishable from how it looked before the Baltimore auto accident. Even in these instances, it is worth less than it would have been had it never been involved in a crash to begin with. In these instances, the non-faulted party can demand from the at-fault insurance company enough money to “bridge the gap” between what it is now worth and what it would have been worth had it never been hit. Maybe the car is only worth $10,000 after it is fixed up. The non-faulted party can make a claim against the adverse insurance for $5,000 of diminished value. If they are successful in recovering the $5,000 in diminished value they can either keep the money if the car is already paid off and they want to continue to drive it, or they can use the money towards a down payment for their next vehicle if they do not want to continue to drive the car after the crash.
The reason why diminished value claims are not well understood is because it typically costs individuals more to bring the lawsuit/demand for the diminished value claim than it is worth. For instance, using the example above, the person making the diminished value claim would need to hire an expert to write a report detailing the diminished value for their vehicle. Between the cost of hiring an expert, demanding money from the adverse insurance company, and potentially suing in small claims court, even those who are aware that they can demand this money do not have the time, energy, or expertise to pursue it correctly.
Fortunately for Baltimore auto accident injury patients, Mid-Atlantic Spinal Rehab & Chiropractic can act as a resource for those looking to make diminished value claims. We can refer you to professionals who can help you produce diminished value claims to present to the adverse insurance company. Typically the fees for our Baltimore auto accident injury patients are contingent – that is just like with a personal injury claim where no money has to be paid out upfront, diminished value claims are usually contingent as well. While diminished value claims have nothing to do with healing and recovery, they are nevertheless an important part of recovering and being made whole again following a Baltimore auto accident injury.
If you have been injured as a result of a Baltimore auto accident injury, please contact Mid-Atlantic Spinal Rehab & Chiropractic. We would be happy to help!
BY: Mid-Atlantic Spinal Rehab
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