After a car accident where your vehicle was damaged, you are likely wondering about the value of your car and how to pay for the costs of repairs. Even if you have your car repaired and it is as good as new, its value will diminish. As Kansas is a diminished value state, however, it is possible that you may obtain some compensation for the value of your vehicle. Here, the personal injury attorneys at Patterson Legal Group review the laws around a diminished value claim in Kansas and how we can help you file a claim.
What Is a Diminished Value Claim?
As anyone who has owned a vehicle knows, the value depreciates every year. In fact, if you purchase a new car, the value decreases as soon as you drive it out of the dealership. After a car accident, the value of a car will decline even further. The difference between your car’s market value before and after the accident is the diminished value.
Your car will have a diminished market value permanently after a repair and accident. Your car’s accident and repair history, as well as insurance records, will reflect that the vehicle was in an accident and any repairs made. When the time comes to trade in or sell your car, filing a diminished value claim can help you recover the loss of value when selling or trading in a car.
Types of Diminished Value
If you are filing a diminished value claim in Kansas after an accident, your claim will fall under one of the following types.
Inherent diminished value
When a vehicle loses value because of damage, it has inherent diminished value. This type of diminished value indicates how much the vehicle’s value will decrease based on the history of accidents. Inherent diminished value assumes the repairs made to the vehicle were completed correctly at a reputable location. This is the most common type of diminished value.
Immediate diminished value
This type is the difference between the resale value of the vehicle immediately following an accident prior to repairs. Immediate diminished is uncommon, since the insurance policy covers the costs of repairs.
Repair-related diminished value
Repair-related diminished value is the loss of value after subpar repairs and/or repairs using unauthorized parts. The vehicle will never go back to pre-accident condition with repairs.
How to File a Diminished Value Claim in Kansas
Not all states allow for diminished value claims. Luckily, Kansas is a diminished value state. However, not all accidents qualify. To file a diminished value claim in Kansas, the following criteria must be met:
- The accident must have been caused by the negligence of another driver.
- The claim must be filed against the liable party’s insurance.
- Uninsured motorists and underinsured motorists are not covered.
- If the liable party is uninsured or does not have adequate coverage, you cannot file a diminished value claim against your own insurance policy.
- Claim must be filed within two years of the accident.
If the circumstances surrounding your accident meet those criteria, you can file a diminished value claim. To start the process, the first thing you need to do is contact the insurance company of the at-fault party. Depending on the company and policy, this process might vary. To back up your claim, take photos of the damage from the accident and any documents about the accidents. You will also need to have your vehicle appraised by a certified vehicle appraiser.
How Is Diminished Value Calculated?
Depending on your insurance company, different methods are used to calculate diminished value. The most common method used by insurance companies to calculate diminished value is the formula 17c method. The insurance company will use the following formula and information to determine this value:
- Determine the value of your car via Kelley Blue Book (KBB) or National Automotive Dealers Association (NADA).
- Apply a cap of 10% to that value.
- Apply a damage and mileage multiplier. This uses different values to determine the total diminished value based on total damage and total mileage.
How Can a Personal Injury Attorney Help With a Diminished Value Claim in Kansas?
While it is a necessary step, filing a diminished value claim is just one more thing for you to have to deal with after a car accident. When you hire Patterson Legal Group to help with your diminished value claim, our personal injury attorneys can help in several ways including:
- Ensuring you have the proper paperwork and documentation: this will only help you obtain the highest possible amount on your claim.
- Negotiating with your insurance company: often insurance companies do not want to pay the full amount of a claim. Our lawyers know how to get you the payment you deserve for your vehicle.
- Conducting a detailed investigation: our attorneys will review the details of your accident and identify if there is any additional compensation available to you, such as:
During our investigation, our team will also establish a case against the liable party, interview witnesses, and gather additional evidence.
- Possibly help you file a claim even if you are the at-fault party: since Kansas is a comparative negligence state, a personal injury attorney might be able argue in your favor.
Contact a Kansas Personal Injury Attorney
Before filing a diminished value claim in Kansas, contact the personal injury attorneys at Patterson Legal Group. You can start your free case consultation and evaluation today. Our team is available 24/7. You can reach us by phone at (888) 687-2400 and online via LiveChat. We also have a secure contact form you can complete.
The attorneys at Patterson Legal Group have more than 75 years of combined experience successfully representing injury victims in Kansas, Missouri, Nebraska, and Wyoming. In addition to winning big settlements for our clients, our team is committed to treating each client with the compassion and respect they deserve. When you work with Patterson Legal Group, you can be assured of unmatched legal representation and customer care. Give us a call today and take the first step towards getting the money you deserve for your injuries.