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Diminished Value Property Damage Claims in Ohio

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Be Made Whole After a Wreck Diminishes Your Vehicle’s Value

When your car is damaged in a wreck, its value instantly drops. Even if you have it repaired back to its pre-accident condition, its price at resale could be substantially lower simply because of its damage history.

This is called diminished value, and in Ohio you can seek compensation to make up that loss if the collision wasn’t your fault.

You can file a claim with the at-fault party’s insurance company. And if they don’t have insurance, you can file with your own insurance in some cases.

To win a diminished value property damage claim, you must prove that your vehicle today has a lower market value than it did before the accident. That can be tough, especially if you had it repaired back to its pre-crash condition.

Having an experienced, well-trained team of legal professionals at your side can boost your chances of winning a diminished value property case.

At Horenstein, Nicholson & Blumenthal (HNB), our team has access to experienced vehicle appraisers and inspectors, and our lawyers know the ins and outs of Ohio’s diminished value property laws.

For 40 years, HNB has fought to help people put things right after wrecks in Cincinnati, Cleveland, Columbus, Dayton and all of Ohio.

For people who’ve suffered injuries, our attorneys have secured more than $500,000,000.00 in awards, benefits and settlements.

We want you, too, to say: “Helping me, that’s HNB.”

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    Does it Make Sense to File a Diminished Value Property Claim?

    When you’re considering a diminished value property claim against the at-fault party’s insurance company or using your own uninsured motorist insurance coverage, ask yourself a few important questions.

    The answers can improve your chances of recovering your vehicle’s lost value.

    Is this your car’s first major accident? If it was in a previous wreck with more severe damage, it may be very difficult to prove the more recent crash diminished its value.

    How substantial was the damage? While there is no minimum damage cost in Ohio for filing a diminished value property claim, the less damage an accident causes, the less compensation you’ll be entitled to receive.

    What was the pre-accident value of your car? Cars that command higher market prices will be more likely to have greater diminishment of their value after a crash.

    How old is your car? Newer cars typically have higher values.

    What is its mileage? Cars with less wear and tear also have higher market values.

    Are you within the statute of limitations? In Ohio, YOU HAVE TWO YEARS after an accident to file a diminished value property claim.

    At HNB, we’ve helped thousands of people in Ohio who were hurt financially by car accidents that weren’t their fault. We know how important your vehicle is to your daily life, and we believe you should be fairly compensated when someone damages its worth.

    Give us a call today, and let’s work to make you whole. We’ll even take a first look at your case for free.

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    How To Prove a Diminished Value Property Claim

    Simply put, never-damaged cars have more value than repaired ones. Diminished value property claims allow Ohioans to lessen that loss when they’ve been in accidents that weren’t their fault.

    To win a diminished value case, you have to prove that your vehicle’s value is lower after the accident, despite the repairs.

    The process of filing a claim starts at the moment of impact. Make sure you take photos of your vehicle at the scene and take detailed notes.

    Get your vehicle repaired. Keep documentation of all the work and costs. Make sure everything is in good working order and looks the way it did before the accident.

    You’ll then need to prove that the vehicle’s value is less than it was before the accident. This may involve collecting sales prices of similar vehicles that haven’t been damaged. It can also require you to find a professional appraiser to inspect your vehicle and determine the accident’s impact on its value.

    At HNB, we work with some of the best licensed appraisers in Ohio. Give us a call today, and we can put our team to work ensuring you regain the value your car lost the moment another vehicle hit you—so you can move on from this ordeal.

    Call HNB Now!