There are many things that can happen if you are the victim of a car accident in Seattle, Washington. One of the negative repercussions of this is that the value of your vehicle may be impacted. If that is the case, you have the option of filing a Seattle diminished value claim to potentially receive compensation.
At NBF Accident Law, our auto accident attorneys in Seattle, Washington, are here to provide our clients with the legal guidance they need as they navigate the complexities of Washington state car accident claims. Our attorneys will work tirelessly on your behalf to protect your rights and help you get the compensation you are entitled to.
Types of Diminished Value
Before we discuss the steps you need to take when filing a diminished value claim in Seattle, are there different types of diminished value? This is something you will need to understand before proceeding with a claim.
The good news is that there are different types of diminished value that can qualify you for a Seattle diminished value claim. This includes:
- Immediate diminished value due to any damage the vehicle sustained from the collision.
- Inherent diminished value from the accident, which results in a loss in resale value because the vehicle has been in an accident.
- Repair-related diminished value due to poor quality repairs or repairs that negatively impact the overall quality of the vehicle.
Eligibility for Diminished Value Claims
If your vehicle has any type of diminished value after a collision that was not your fault, it is very likely that you are eligible for a car accident diminished value claim. However, there are a few eligibility criteria to be aware of before you proceed.
The first thing to keep in mind is that there is a statute of limitations in the state of Washington for diminished value claims, which is three years. If you fail to file your claim within this timeframe, it’s very likely that it will not be approved.
You also need to be able to prove that the value of your vehicle has been diminished due to the collision. You can do this with professional diminished value appraisals, trade-in value statements from dealerships, photos of vehicle damage, and police reports.
It is important to only pursue compensation for damage that happened due to the accident and not prior to it.
How to Calculate Diminished Value
Before you proceed with filing your diminished value claim in Seattle, you need to determine the diminished value amount. This can be quite complex, and there are several different ways you can go about doing this. Here is the step-by-step process that most people use when calculating the diminished value for their claim:
- Determine the value of your car before the accident.
- Apply a 10% cap to that value.
- Apply a damage multiplier.
- Apply a mileage multiplier.
Keep in mind that how diminished value is calculated can vary significantly between cases, so there is no one way of accomplishing this. The at-fault driver’s insurance company will also make their own calculation, which could result in a different amount than what you got.
Steps to File a Diminished Value Claim in Seattle
When you file a Washington state car accident claim for diminished value, there are certain steps you need to take. Here is a breakdown of the basic steps involved in a diminished value claim in Seattle, Washington:
- Gather evidence: Before filing a diminished value claim, you need to gather as much evidence as possible, just like you would with a car accident claim. Evidence for your claim should include photos of damage to your vehicle, professional appraisals, the police report, and repair records.
- Contact the insurance company: When you file a diminished value claim, you will need to formally notify the at-fault driver’s insurance company. This notification will let them know that you intend to pursue a diminished value claim and should include evidence and the diminished value amount you have calculated.
- Negotiate on a settlement: The at-fault driver’s insurance company will have the opportunity to review the claim and make their own assessment of your vehicle’s diminished value. Negotiations may happen if the insurance company decides on a different diminished value amount than what you calculated. If an agreement cannot be made on a diminished value amount, you may need to pursue arbitration or litigation to get the desired outcome.
Before proceeding with any of these steps, you need to hire an auto accident attorney to assist you with your claim. An attorney will have experience with Seattle diminished value claims and can help you gather the necessary evidence and calculate the diminished value amount.
FAQ Section
What is the average payout for a diminished value claim in Seattle?
Most claims can expect to receive 10% to 20% of the vehicle’s pre-accident value. For instance, if your vehicle had a $10,000 pre-accident value, You could expect to get $1000 or $2000.
Can you file a diminished value claim without a lawyer?
It is possible to file a diminished value claim without the help of a lawyer, but this means you’ll have to handle everything on your own, including negotiations with the insurance company.
How long does it take to settle a diminished value claim?
Every diminished value claim is different, and there is no strict timeline set for how long this takes. However, most people can expect it to take anywhere between a few weeks to a few months before it is settled.
Contact an Auto Accident Lawyer at NBF Accident Law
If you want to file a Seattle diminished value claim, there are several steps you need to first complete. Although this can feel a bit overwhelming, an auto accident attorney can help you with each part of the process so that you have the best chance of having your claim approved.
At NBF Accident Law, our auto accident lawyers will fight purposefully on behalf of auto accident victims in Seattle. We can help you determine whether you qualify for a diminished value claim, and if so, we can help you file your claim in a timely manner.
Contact us today at 206-923-8888 to schedule a consultation with one of our attorneys.
