Georgia is one of the few states to recognize that you have the right to recover your car’s diminished value after an accident, even from your own insurance carrier. Since 1926, Georgia has had a diminished value property damage law obligating insurers to pay you for the lost value of your car after it’s been in an accident.
Give Diminished Value Property Damage Accident Claims Attorneys a call at John Foy & Associates at 404-400-4000. We walk you through your claim and you can decide if it’s best for you to retain an attorney during this process.
My car was damaged in a car accident. Repair work was done, but it has dropped in value. What steps should I take?
Do gather as many facts about the accident as you can, including getting a copy of the police report and all your repair bills. Take photos of your car before and after repairs. Note the mileage of your car before the accident.
Do NOT agree to a recorded call with your insurance company without first talking to a personal injury attorney. We want you to tell the truth, but we want to protect you and give you legal representation before you talk.
Do NOT agree to a settlement before discussing your case with us. Most people don’t know that once you cash a settlement check you will never be able to file a claim on this accident. You only get one chance to file a claim.
Give us a call at John Foy & Associates at 404-400-400. We have more than 20 years experience with diminished value claims and we’ll make sure you get the best settlement.
What is diminished value?
Diminished value is a loss in the value of your vehicle. It’s a very simple assumption. Even if your car is returned to its pre-accident condition, your car has lost value. It will never be worth what it was before the accident and the state recognizes that.
What is the Georgia diminished value law?
The Georgia Diminished Value Law since a ruling in 2001 states that the at-fault party, generally the at-fault’s insurance company, is obligated to pay the costs of the repairs, as well as the value the vehicle has diminished since being in an accident.
In 2008, the Commission of Insurance and Fire Safety has ordered State Farm Insurance to come up with a standard formula. That formula is called “17c” but it is not the only formula you may use to assess damages.
How do I calculate my diminished value? Do I need an appraisal before I contact an attorney?
You do not have to have an appraisal on your car before you contact an attorney. We have lots of experience valuing vehicles and we can do this for you.
Call an attorney at John Foy & Associates at 404-400-4000 before you agree to any settlement from the insurance company.
My insurance company will only pay for the repairs. Should I just leave it at that or can I file a diminished value claim as well?
Your car has diminished in value. The state of Georgia recognizes this and you are protected under that law. But it’s no surprise that an insurance company would dispute that your car has diminished in value. Remember that no matter how much you like your personal insurance agent, the company itself is a multi-billion dollar corporation with a financial obligation is to itself, not its customers.
There are reasons why an insurance company won’t cover diminished value, including:
- The car is too old (usually 10 years or older) and doesn’t have much value.
- It had a previous accident with major repairs.
- It has excessive mileage.
- The car was a total loss.
Don’t try to fight this on your own. Contact a Diminished Value Auto Property Damage Attorney and get what you deserve.
How do I submit a diminished value claim in the state of Georgia?
You can file a claim in Small Claims Court against the insurance company if you think the value is less than $15,000. But we strongly recommend at least consulting a personal injury attorney if you do. Remember that insurance companies have legions of in-house attorneys who fight for their financial protection all the time. You are not an attorney and will be seriously outmatched.
Who is responsible for a diminished value auto property damage claim?
The responsible party for a diminished value auto property claim is the party responsible for the accident. This means if someone else caused an accident, that person (generally his or her insurance carrier) is responsible for payment. In Georgia, if you were responsible for the accident, your insurance carrier is obligated to pay you for your vehicle’s diminished value. And your carrier is not allowed to raise your rate because of the diminished value claim.
Is there a time limit (statute of limitation) to file a diminished value auto property claim?
There is a statute of limitations, or time limit, to file a diminished value auto property claim, and generally it is two years. However, there are shorter exceptions. We urge you to seek representation sooner rather than later. You need your car repaired and back on the road.
How can John Foy & Associates help me?
John Foy & Associates is a long-time personal injury attorney located in the heart of Atlanta. For more than 20 years, we’ve fought for people who have been injured by someone else’s negligence. Your Diminished Value Auto Property Damage Claim is important to us. Nothing makes us madder than an insurance company trying to underpay its customers.
Let us help you get compensation for your car’s lost value. Call us at 404-400-4000 for a free and confidential consultation.