877-572-4143

Contact Us Today!

877-572-4143

ARIZONA DIMINISHED VALUE

May 3, 2018

WHAT IS DIMINISHED VALUE?

Diminished value occurs in Arizona when a vehicle is involved in an accident and, as a result, incurs physical damage, whether it is structural or cosmetic. Even if the vehicle is repaired, it is still worth less money than it was worth before the auto accident occurred. When selling or trading a vehicle, Arizona requires disclosure of all damage caused by prior accidents that the vehicle has been involved in. Thus, most customers would favor a vehicle with a clean record over a vehicle that has been involved in a prior accident. This means that individuals end up receiving less money for their vehicle than if their vehicle were not involved in an accident in the first place.

Three main types of diminished value in Arizona exist when assessing the amount of a vehicle’s diminished value. However, not all three types of diminished value are used when legally compensating individuals for the diminished value of their vehicles in Arizona.

  1. The first type, inherent diminished value, is the loss of market value due to the fact that a vehicle has been involved in an accident. Inherent diminished value is the most widely recognized and accepted form of diminished value, and is also the most common basis upon which any supplemental forms of diminished value would be added.
  2. The second type, repair related diminished value, is the depreciated amount of a vehicle as a result of improper or incomplete repairs, poor quality repairs or unrepaired items. Generally, the amount of repair related diminished value is determined by the overall quality of the repairs. Repair related diminished value is a supplemental form of diminished value that may be added onto a vehicle’s inherent diminished value.
  3. The third type, insurer related diminished value, occurs when an insurance company insists or authorizes the use of aftermarket parts or parts not manufactured by the original manufacturer.

HOW DO I CALCULATE DIMINISHED VALUE IN ARIZONA?

Arizona law does allow individuals to collect diminished value when their vehicles have been in an accident. However, diminished value claims must be proven.  Those vehicles which are relatively new, have sustained significant damage, and were not previously damaged in a prior accident have the greatest chance of success.  Other factors do impact a vehicle’s diminished value, including its mileage, marketplace demand, value of the vehicle undamaged, and the vehicle’s condition before the accident. Because every vehicle is different, the amount of diminished value varies accordingly, and therefore cannot be systematically calculated.  Thus, a diminished value expert who has full understanding of the marketplace is needed in order to accurately calculate a vehicle’s diminished value following an accident.

HOW DO I FILE A DIMINISHED VALUE CLAIM?

Typically, most individuals ask their insurance adjusters to address the issue of diminished value. While most insurance companies try to convince individuals that diminished value is not legitimate, individuals are allowed to make a formal demand to the insurance company for the claim. However, if the diminished value claim is unsubstantiated, the insurance company can easily dismiss it. While a diminished value report can cost as much as $400, many experts will prepare a report for less money.

 WHY SHOULD I CHOOSE A LAWYER?

Instead of dealing with insurance adjusters directly, individuals should consider hiring a diminished value attorney if the benefits of the claim outweigh the cost of litigation. Given that many insurance companies often refuse to pay a fair amount for diminished value, an attorney who is experienced in diminished value claims will be able to utilize expert appraisers in order to accurately calculate the amount of diminished value. Diminished value attorneys are also able to gather strong evidence so that individuals will be able to receive full compensation for the diminished value of their vehicle.

Individuals should choose their lawyer based on experience with Arizona law and reputation, and should ask to see proof of prior successful litigations in the area of Arizona diminished value.

Find more like this: Personal Injury

Online Reviews

“Amazing people, they had my claim for about a week before they were able to get my truck totaled out. Otherwise I would have been stuck with a truck that had heavy front end damage if they hadn’t stepped in to help me. I tried to deal with my insurance company myself for over a month and that got me nowhere, all I got was a massive headache and a messed up truck. They are very professional and act quickly on your claim. I highly recommend them to anyone who is looking for help.”

Candy J.

2/9/2020

“I was in an accident and decided to call Wattel and York. After months of going to a Chiropractor, I finally felt better. When it came time for settlement, the insurance company was making an offer I wanted to accept, Mr. Wattel advised against it and felt the insurance company was shortchanging me. He recommended I file a lawsuit and that will get them to cave. Well, Dave filed suit, and sure enough, the insurance company increased their offer by $4,000! I am very satisfied with how my case was handled.”

Nardeasha S.

20/20/2020

“Wattel & York were flat out outstanding with my personal injury case. They made the process painless and kept in constant communication throughout the entire time. Any questions I might’ve had were promptly answered and detail oriented. They gave me crucial advice that I would’ve otherwise not been aware of. I couldn’t have asked for more from them. Put your trust in these guys, you won’t be disappointed. Thanks Wattel & York.”

Mattew P.

13/9/2020

“Thank you so much for all your hard work on our behalf! Thinking I could handle it on my own, I was originally reluctant to take my accident claim to an attorney. But I am SO glad I called you instead. Your people were always helpful, pleasant and responsive at every step along the way. You represented us with honesty and integrity and made a traumatic experience as painless as it could be. And best of all, you helped us get a settlement that was fair and far more than I could ever have negotiated on my own! I highly recommend Wattel &York to anyone who has suffered a personal injury.”

Cathy M.

“I was the passenger in a vehicle that was 'T- Boned' at an intersection in 2014. The issues of responsibility and recovery became a difficult and convoluted confusion. I really needed help. This Team at Wattel and York walked me patiently and encouragingly through difficult months, sorting through issues and finally arriving at a satisfactory conclusion. I especially want to name two great and encouraging "warriors" of Wattel and York who directed me along the way..Brian Torba and Melissa Patterson..to them and the whole team I say "Thank You" with heart felt gratitude. Sincerely, God Bless You.”

Robert G.

“Honesty. Integrity. Transparency. Partnership. Wattel & York brought all of these qualities and more to my accident case. I'd love to thank all of the team members who helped me with the process: David Guzman, who conducted the initial interview in my home, Aly Shomar-Esparza, who seamlessly guided me through paperwork and filings, Debbie Harrach, who conducted final review, paperwork revisions and scheduling, and Thomas Grisoni, who counseled me before and attended my deposition. I never felt alone during the arduous process and always knew there was a professional team looking out for my best interest. I highly recommend Wattel & York if you are unfortunately involved in an accident that was not your fault.”

Russ W.

“I was a passenger in a car that got t-boned a few years ago and got a huge gash. I didn't know a lot about lawyers, so I basically just picked one on the flip of a coin. I called Wattel and York and they explained everything, I went into the office and filled out paperwork. Got treatment on my gash over the time I worked with them, glad I did as it opened back up a couple times and bled. They did really good, got me the maximum amount of money, and made sure I was well taken care of. I was updated from time to time so that was good. The only thing I might change is I never got to thank or talk to my lawyer. I think it was because I was already used to dealing with the lady at their Glendale office so they just kept her as my point of contact. So it's okay, I'll thank them with a good review. The last thing I could say about them is months after I thought my case was over they called me and said they had another check for me for a few hundred dollars. Apparently, they negotiated with the hospital I went to after the accident. It was a nice surprise and shows they really had my interests in mind.”

Trent B.

“Wattel & York has been great for me in the past few years. I was involved in a really bad accident while I was on Active Duty in Yuma, Arizona and they have been patient with me every step of the way through a very long process. I would recommend them to anyone thank you for all your help.”

Levy G.

“Appreciate David taking the time to speak with me. He was most kind. From the front line with the receptionist, to him, the firm was a class act all the way around.”

Claire B.

“Dave Wattel represented me and my son on a Personal Injury case from a motor vehicle accident back in 2009. Jake P. handled my deposition and Dave did the Quarterbacking. The insurance company hired NFL referee Ed Hochuli's firm to try and deny our claim. But Wattel & York made it look as easy as Tom Brady on the football field. The result was more than acceptable and my son and I were compensated for our injuries and rehabilitation. Dave Wattel cares about his clients. If I ever find myself in a situation like this again, Wattel & York will be on speed dial!!”

Vince C.

Our Office Locations

Chandler

2175 N. Alma School Rd #B-107 Chandler, AZ 85224

Map & Directions [+]

Glendale

4901 W. Glendale Avenue Glendale, AZ 85301

Map & Directions [+]

Phoenix

2942 N. 24th Street, Suite 105 Phoenix, AZ 85016

Map & Directions [+]

Tucson

2933 N. Campbell Ave. Tucson, AZ 85719

Map & Directions [+]

Yuma

1102 S. 4th Avenue Yuma AZ, 85364

Map & Directions [+]

Newport Beach

260 Newport Center Drive, Suite 100 Newport Beach, CA 92660

Map & Directions [+]

Fircrest

6314 19th Street West, Suite 15 Fircrest, WA 98466

Map & Directions [+]

Phone Number

877-572-4143

Follow Our Firm

Bus

Contact Us Today For
Your Free Consultation

We are available to assist you 24 hours a day!