Frequently Asked Questions

Diminished value refers to the reduction in a vehicle’s market value after it has been involved in an accident and repaired. Even with high-quality repairs, a vehicle with an accident history is often considered less desirable and valuable than one without, leading to a lower resale value.

If injured by a negligent driver in Georgia, immediately consult with an experienced personal injury lawyer. Your well-being is paramount, and legal representation is crucial for securing compensation for medical costs, lost income, pain, suffering, and any related losses, including property damage and vehicle’s diminished value.

Calculating diminished value involves assessing the vehicle’s pre-accident value, the quality of repairs, and the impact of the accident on the vehicle’s market value. Various formulas, such as the 17c Formula, are commonly used, but a professional appraisal provides the most accurate assessment by considering factors unique to each case.

If your vehicle is damaged by a negligent driver, Georgia law entitles you to compensation for the diminished value from the at-fault driver’s insurance. It’s your responsibility to file the claim and negotiate. While most claims can be managed personally, consider consulting a diminished value expert to ensure you receive what’s rightfully yours. Remember, vehicles can be replaced, but your health is irreplaceable.

The statute of limitations for filing a diminished value claim varies by state. Typically, you have between 2 to 3 years from the date of the accident to file a claim. It’s important to initiate the process as soon as possible to ensure you meet the deadline and to preserve the evidence needed to support your claim.