Most people know that they can recover the cost to repair their vehicle after a car accident. But many do not know that they can also recovery the โdiminished valueโ of their vehicle.
What is Diminished Value in Louisiana?
Louisiana is a diminished value state. This means that a vehicle owner whose vehicle was damaged in an accident can recover the difference between the pre-accident value and the post-accident value of the vehicle.
In Louisiana, after a vehicle has been involved in an accident, it will not hold the same value as it did before the accident occurred. This is true even after the vehicleโs damage has been repaired. This concept is recognized through two types of diminished value:
- Inherent Diminished Value: Inherent Diminished Value reflects the loss in value simply because a vehicle has a history of damage.
- Repair Related Diminished Value: Repair Related Diminished Value accounts for instances where the repairs didnโt restore the vehicle to its pre-accident condition.
No matter the type of diminished value, you may be entitled to compensation for the very fact that your vehicleโs value was diminished through no fault of your own.
Legal Framework for Diminished Value Claims
Louisiana Revised Statute 9:2800.17 outlines the rights of a vehicle owner to claim additional damages if his/her vehicle, even after repairs, is worth less than it was before the accident. The statute reads:
ยง2800.17. Liability for the diminution in the value of a damaged vehicle
Whenever a motor vehicle is damaged through the negligence of a third-party without being destroyed, and if the owner can prove by a preponderance of the evidence that, if the vehicle were repaired to its pre-loss condition, its fair market value would be less than its value before it was damaged, the owner of the damaged vehicle shall be entitled to recover as additional damages an amount equal to the diminution in the value of the vehicle. Notwithstanding, the total damages recovered by the owner shall not exceed the fair market value of the vehicle prior to when it was damaged, and the amount paid for the diminution of value shall be considered in determining whether a vehicle is a total loss pursuant to R.S. 32:702.
Proving Your Vehicleโs Diminished Value
A diminished value claim may be more complex than it seems. Your vehicleโs mileage, its accident history, its repair history, and local market comparisons are generally required to support a claim. At RUDIN LAW, we gather all available evidence, including photographs, repair estimates, and other vehicle data, and utilize cutting-edge technological tools to present well-supported diminished value claims on behalf of our clients. Then we aggressively press the insurance companies to pay every penny of those claims!
Why Choose RUDIN LAW for Your Diminished Value Claim?
At RUDIN LAW, we understand that haggling with the insurance company can be a pain. And so, it our job to that for you! We are committed to fighting for our clientsโ rights and ensuring that each client is fully compensated for his or her losses, which include the diminished value of our clientsโ repaired vehicles, as well as the actual repair costs.
When the insurance company refuses to pay for the diminished value of your vehicle, you know what to do: stop being polite and GET RUDE!
Contact RUDIN LAW for a FREE Consultation TODAY!
If youโve been involved in a motor vehicle accident, then you may be entitled to recover the cost to repair your vehicle plus the diminished value of that vehicle. Provided you can show the difference between the pre-accident value and the post-accident value, you should expect to recover the difference in those values. And we can help you do just that!
At RUDIN LAW, our dedicated team, led by attorney, Lee Rudin, will leverage our legal expertise and tireless commitment to justice to help you navigate the complexities of your diminished value claim and recover the compensation you deserve. Call us today at (504) 500-5504(504) 500-5504โฆ and GET RUDE!
