Diminished Property Value in Kansas City

Diminished Property Valuation Lawyer Kansas City

Diminished value law can be a confusing topic for those who have been involved in a car accident in Kansas City. You may have been the victim of a negligent motorist, and not only have you suffered injuries but your vehicle has been damaged as well. Many victims mistakenly assume the insurance company will offer them a fair settlement for all of their losses, including the diminished value of your car. Unfortunately, this is not usually the case; insurance companies work to protect their profits, and work to under-value, delay, or deny claims. It is vital to consult with an attorney in Kansas City who is knowledgeable regarding diminished value law so that you can recover the full damages you deserve. We urge you to contact The O’Connor Law Firm now if your vehicle has sustained significant damage in a car crash.

Diminished Value Law Attorney in Kansas City, Matthew O’Connor

Diminished value law can be a confusing topic for those who have been involved in a car accident in Kansas City. You may have been the victim of a negligent motorist, and not only have you suffered injuries but your vehicle has been damaged as well. Many victims mistakenly assume the insurance company will offer them a fair settlement for all of their losses, including the diminished value of your car. Unfortunately, this is not usually the case; insurance companies work to protect their profits, and work to under-value, delay, or deny claims. It is vital to consult with an attorney in Kansas City who is knowledgeable regarding diminished value law so that you can recover the full damages you deserve. We urge you to contact The O’Connor Law Firm now if your vehicle has sustained significant damage in a car crash.

What Does Diminished Value Mean?

If you are involved in an auto accident while driving your $28,000 vehicle and it sustains $5,000 in damage, you may assume that once it is repaired to like-new condition your car is still worth $28,000. This is not the case, as market value is affected when a vehicle has been involved in a relatively serious accident. If you were to sell your vehicle, most potential buyers would not be willing to pay $28,000 for a car (or SUV, pick-up, etc.) that has been damaged, even when the results of body work, repair, painting, etc. are flawless.

What many people do not realize is that insurance companies may cover both the costs to repair damage, along with the diminished value difference. Essentially, if the market value of your vehicle is diminished by $5,000 because of damage sustained in an auto accident, you may be entitled to the diminished value, or $5,000 in addition to repair costs.

As you would expect, auto insurance companies would prefer that victims of car accidents not know about diminished value law; this way they can avoid payment.

Contact The O’Connor Law Firm Now

While you will want to work with an experienced Kansas City personal injury lawyer if you have suffered injuries because of the negligence of another motorist, you will also want to choose an attorney who can evaluate the diminished value of your car so that you can collect settlement for all of the damages you are entitled to. Whether it requires going to court or fighting with the insurance companies, The O’Connor Law Firm will work aggressively to ensure you receive the fair compensation you deserve. Contact us now for a free consultation at 816-567-MATT.