What You Should Know About Property Damage as Part of Your Injury Claim

Being involved in a car crash is a serious matter, and your first priority should be getting medical treatment for any injuries you and/or your passengers may have sustained. But we also know that once you are released from the hospital (or leave the ER) and the initial shock of the accident wears off, there’s going to be that moment where you think, “Oh shoot. What about my car?”

When you seek damages in a personal injury lawsuit, one of the damages you can claim is property loss. For some clients, this may only be a few hundred dollars for repairs to a vehicle, or the cost of replacing the screen of your phone. But when you’re in a truly catastrophic crash and your vehicle is totaled, these damages can be a bit harder to calculate.

So today, we want to talk a bit about why something as seemingly simple as “I need a new car after my accident” can turn into a bit of a battle between us and the insurance company.

Can I get market value for my repaired car after an accident?

Even after repairs, your car’s market value will automatically drop. Many people will not pay high prices, or even consider purchasing at all, a vehicle with an accident history. After a car crash, a record of the accident usually becomes part of the vehicle’s history report. Consumers can search vehicle history reports with services like Carfax or AutoCheck, so if your car was damaged in a wreck, it is important to ensure you are compensated properly, including the depreciation of your vehicle.

What is a diminished value claim?

According to Carfax, “the average hit to the retail price is about $500,” and the “average impact on retail value jumps to $1,700 for a vehicle with severe damage in its past.”

Diminished value refers to the difference in the market price of your car before and after a wreck. According to the appraisal company Autoloss, there are three types of diminished value claims in Oklahoma:

1. Inherent Diminished Value. This applies to any car that has sustained damage, even if that damage is fully repaired. It’s simply worth less because it was in an accident.
2. Repair-Related Diminished Value. This applies to vehicles that were damaged in a wreck but left unrepaired or only partially repaired.
3. Immediate Diminished Value. This is the loss that occurs right after an accident – even if you haven’t even had time to get your car to a mechanic yet. Or, as Autoloss explains, “Immediate diminished value can be calculated as the difference in resale value of a vehicle before the damage occurred and the resale value before repairs have been made after damage has occurred.”

The insurance company should compensate you for the repairs and the loss of value under a diminished value claim. You may only make a diminishment of value claim in Oklahoma if you were not the at-fault driver in the accident, and you only have two years to file it.

If you wish to pursue a diminished value claim as part of your overall damages, you will need to provide documentation of your loss, such as:

• Photographs of the damage your vehicle sustained
• Photographs of the vehicle after repairs have been made
• An appraisal of the condition of the vehicle post-repairs, and its loss of value, by an appraiser

Those photos of your car right after the crash? They’re really helpful for us, too. We can use them during negotiations or during your jury trial to show just how hard you were hit, or what kind of damage was caused by the collision.

Why would I file a diminished value claim?

Diminished value claims can help you recoup the worth of your car if you intend to sell it later. Since a car that has been in a collision is automatically valued less, this claim can help you recoup those losses.

Things that can depreciate the value of your car

There are a variety of factors that might devalue your vehicle after a car accident. These can include:

• Age of your vehicle. The older your car, the more susceptible it is to damage after a collision. When an older model of a car is in a wreck, its value depreciates even more.
• History of accidents. Every time a vehicle is in a collision, its value drops considerably. If a car is in multiple accidents, even when the driver is not at fault, an insurance company may claim the car is worthless.
• Extent of damages. A serious crash can cause significant damage. Even with the best mechanic on the job, a car damaged in an accident still loses value. Small amounts of damage, however, like a broken light, can be easily fixed without too much depreciation.

Insurance companies may also take things like your vehicle’s model year and number of miles into consideration when determining the value of your car.

It is essential to have a damaged vehicle serviced by authorized and skilled professionals. Many consumers find themselves in a worse situation when dishonest mechanics cut corners by using unauthorized car parts.

Can you help me with my property loss after an accident?

If you were injured in a car crash and your car suffers damage, we will claim that property loss as part of your overall accident claim. Our Tulsa personal injury lawyers help clients recoup property losses as well as:

• Medical expenses
• Lost wages
• Pain and suffering
• Other applicable damages

We also handle bad faith insurance claims for clients who have been hurt in car accidents, and whose insurance companies are playing a little fast and loose with the rules. If your insurer is acting in bad faith, you may even be entitled to punitive damages. We can talk about that during your free initial consultation.

If your car was damaged when you were hurt in a wreck, Biby Law Firm may be able to help. Our Tulsa personal injury attorneys fight to secure compensation for your economic and non-economic losses. To schedule your free initial consultation, please contact us in Tulsa at 918.416.6351, or fill out our contact form.