What Is a Missouri Diminished Value Claim?
If your vehicle was damaged in a car accident, wondering how you are going to pay for the repairs and if the value has decreased is a concern. When your car is fully repaired and restored to its original condition, its value will inevitably decrease. Luckily, Missouri recognizes diminished value claims, which means there’s a chance for you to receive compensation for the diminished value of your vehicle after an accident. In this blog, the Missouri injury attorneys at Patterson Legal Group explain the process of filing a Missouri diminished value claim and how we can help with the process.
What Is a Missouri Diminished Value Claim?
Diminished value is the loss in market value that occurs when a vehicle is damaged in an accident and repaired. Even if the repairs were done well, the vehicle will still lose value. The diminished value is the difference between your car’s value before and after the accident. Diminished value is permanent and will remain on insurance records. By filing a diminished value claim, you have the opportunity to recoup the financial loss incurred when selling or trading in a car that has decreased in value due to an accident or damage.
Not all accidents are eligible for a diminished value claim in Missouri. If the following situations apply to your accident, you can file a diminished value claim:
- If the damage to your vehicle was caused by an accident.
- If you were the at-fault driver in the accident, you cannot file a claim.
Missouri does not have uninsured motorist coverage for diminished value. However, if the liable party is uninsured, you can file a diminished value claim against your own insurance policy if you have uninsured motorists coverage on your own policy. As per MO Rev Stat § 516.120, the claim must be filed within five years of the accident.
How to File a Diminished Value Claim in Missouri
To file a Missouri diminished value claim, contact the insurance company of the at-fault party. Before contacting and filing a claim, have sufficient evidence from the accident proving the other driver was at fault, such as police reports, photos, and other documents relating to the accident. Depending on the company and policy, the process of filing a claim and types of documentation needed varies.
Additionally, your vehicle will need to go through an appraisal process via a certified vehicle appraiser. These companies use various methods to calculate the diminished value. The total diminished value of your vehicle will depend on several factors, including:
- Severity of the damage/accident
- Quality of the repairs
- Vehicle make and model
- Total mileage
How Is Diminished Value Calculated?
Insurance companies use different methods to calculate diminished value, but the most common method is the formula 17c method. This method calculates the diminished value by:
- Determining the fair market value of the vehicle before the accident
- Applying a cap of 10% to the fair market value
- Applying a damage multiplier and a mileage multiplier to the capped fair market value
How Can a Personal Injury Help With a Missouri Diminished Value Claim?
Patterson Legal Group can help you through the daunting, yet necessary process of filing a Missouri diminished value claim and ensure that you receive the compensation you deserve. Our personal injury attorneys have years of experience handling diminished value claims. We know the ins and outs of the process and will work tirelessly to get you the highest possible settlement for your injuries, pain and suffering, lost wages, and more.
Along with assessing damages, one of our Missouri personal injury lawyers will help you with:
- Gathering the proper documentation and paperwork.
- Conducting an investigation to determine if you are entitled to any other compensation.
- Filing a claim if you are at the at-fault party.
Contact a Missouri Personal Injury Attorney
If you have been in a car accident and your vehicle has been damaged, contact Patterson Legal Group today to discuss your Missouri diminished value claim. Insurance companies often try to lowball diminished value claims. We will fight on your behalf to get you the full amount you deserve.
You can start your free case consultation and evaluation today. Our team is available 24/7. You can reach us by phone at (816) 920-0000 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, and Oklahoma. 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.
