MOBILE, Ala. (WALA) – Cody Poe from Vaughan Poe Lawyers joined us on FOX10 Midday to discuss ‘diminished value in car accidents’.
Here’s some information they sent on the topic:
When we’re buying a car you want to know its history–namely has it been in any accidents. Why do we do it? Because we all know that a car that’s been in an accident is worth less than the same car with no accident history. The thing that a lot of people are curious about and may not have answers for is whether the insurance company can pay them for the difference in the value before the accident and after the accident.
We call this diminished value and Alabama is a state where you can claim diminished value.
Somethings to keep in mind:
1. It’s based on the fair market value of the car after the accident.
2. It’s something that you can get if you’re not responsible for the accident.
3. It has to be part of a third-party claim–meaning another person’s insurance (not your own) is paying for it.
4. It doesn’t apply to total losses.
HOW WE HANDLE YOUR CLAIM: Our procedure is simple, we’ll obtain a copy of the estimate from either you or the body shop who did your repairs and submit the same to our expert who will draft a thorough report about the car’s new FMV, then we’ll package it up into a demand to the insurance company and begin negotiating a resolution. Of course, if need-be, we’ll move forward with litigating your claim in one of our local courts.
For contact information and more visit:
https://www.vaughanpoe.com/
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