In a truck accident case, property damage is typically determined by:
- Vehicle Inspection and Appraisal: A qualified appraiser will inspect your vehicle to assess the extent of the damage. They will consider factors such as:
- Repair Costs: The cost of repairing the vehicle to its pre-accident condition.
- Diminished Value: Even after repairs, the vehicle may be worth less than it was before the accident. This is known as “diminished value” or “loss of market value.”
- Total Loss: If the cost of repairs exceeds the vehicle’s value, it may be declared a total loss. In this case, you would be compensated for the vehicle’s actual cash value (ACV) before the accident.
- Documentation: You’ll need to provide documentation to support your property damage claim, such as:
- Photographs or Videos: Documenting the damage to your vehicle before and after any repairs.
- Repair Estimates: Obtaining estimates from qualified repair shops.
- Purchase Records: Providing proof of the vehicle’s purchase price and any upgrades or modifications.
Can I Recover for Diminution of Value?
Yes, in many cases, you can recover for the diminished value of your vehicle. However, the laws and specific requirements for proving diminished value vary by state.
- Proving Diminished Value: Proving diminished value can be challenging. You may need to provide evidence such as:
- Expert Testimony: An appraiser or other qualified expert can provide testimony regarding the vehicle’s diminished value. However, in the State of Indiana, the owner of the property can also testify as to its value and/or loss of value.
- Market Data: You may need to present market data to demonstrate that your vehicle’s resale value has decreased due to the accident.
Important Considerations:
- Insurance Policies: Review your insurance policy carefully to understand your coverage for property damage.
- Consult with Gladish Law Group: As experienced personal injury attorneys, we will help you understand your rights, gather necessary evidence, and negotiate with the insurance company to obtain fair compensation for your property damage, including diminished value.