Diminished value occurs when your car is worth less after the accident than it was before it was hit. If you are not at fault in the accident than the other party, or their insurance company, may have to compensate you for your loss. In some cases this is done easily with a simple letter to the insurance company, other times you need to fight for that loss. Each State has different laws concerning diminished value. If you believe your car has suffered diminished value in Oregon, please give us a call to find out if we can help you.
Diminished Value in Oregon:
Oregon recognizes that to repair a car, means to bring it back to it’s pre-accident value. This was affirmed in the case Gonzales v. Farmers Ins. Co., 345 Ore. 382, 196 P.3d 1 (Oct. 23, 2008). In many cases attorney fees will be paid by the party who loses in court, meaning you receive the entire amount of your claim.
The Steps to Making a Diminished Value Claim in Oregon:
1. The first step is to get your vehicle appraised after the accident. We recommend and use Bill Blake, but there are many reputable appraisers in Oregon.
2. The next step is to send a demand letter to the driver of the other vehicle and a courtesy letter to the Insurance Company. The insurance company may be responsible for the claim and they will likely respond.
3. If the Insurance company makes you an offer than you can either accept it or respond by taking them to court. If you accept the offer than the process is over. If you refuse their offer because it is substantially lower than your appraised loss of value, or they did not make you an offer, than you can file a lawsuit. This can either be done through small claims court without an attorney ran attorney can file it for you in district court. In many cases attorney fees are paid by the other side and you keep the full loss of value. The case may settle, go to arbitration, or go to trial in which you provide evidence of your position.
If you have been in an accident that was not your fault and your vehicle suffered damage, contact us to find out if we can help you get your diminished value you deserve.