This question can I make a claim for car diminished value Southern Oregon is all over the internet. Likewise, you will find varying answers to this question on the internet as well. Unfortunately, just few persons are aware of the possibility of making a diminished value claim because they do not know the major difference between first party claims and third party claims.
Diminished value claims are made after a vehicle suffers varying degrees of damages, more significantly after a car accident. One of the reasons why people make a claim for car diminished value in Southern Oregon is for the loss of value a car suffers after an accident. This type of claim is also referred to as inherent loss of value. In most states, this type of claim is recognized and legitimate. The reason why most people believe making a claim for diminished value is impossible is lack of information on who the claim will be made against. Although, it’s a fact that in most states, a diminished value claim made against your insurer will not be granted. This type of claim is known as the first party claim and it is usually not granted because most states have enacted laws that makes first party claims for diminished value hard to defend.
The first party claim depends on the terms and conditions of your contract including the language and interpretation of that language. This language has been interpreted in a way that it rejects diminished value claims. Aside that, most states recognize a claim made against the driver that caused an accident, this type of claim is known as the third party claim. This claim is not in any way related an insurance contract. This type of claim is backed by the law of negligence and damages. This claim is made due to the fact that the accident was caused as a result of another drivers negligent act, thereby causing your vehicle to diminish in value. Though this claim can only be made against a negligent driver who caused any form of damage to your vehicle but you can’t file a case against the insurance company. One of the numerous misconceptions about diminished value claims is that once the repairs are properly carried out, then technically speaking, there is no loss in value.
In this type of case, the above assertion only applies to repair related diminished value. Repair related diminished value claim will be made against the automobile shop that carried out the repair and not the driver at fault. The value of your car still diminishes if it gets involved in an accident even if OEM parts are used as a replacement. Generally speaking, most people will pay lesser for a car that has been involved in an accident regardless of how neat and polished it looks.