GENESIS DIMINISHED VALUE CLAIMS

Genesis Diminished Value Claims in Virginia

Owning a Genesis means that you have made an investment, like the owner of any fine luxury car. But every time you take that investment out of the garage or driveway, you are running the risk that someone else's negligence is going to damage your car, thus causing you a financial loss - and such a loss can be substantial!

If your Genesis has been damaged due to the negligence of another driver, such as in a car accident, then you may have a way to recoup some of the financial loss you have suffered, through a Diminished Value Claim!

Call Blaszkow Legal today for a free consultation - let us review the case, and see if we can help you to get some of your investment returned.

Alexandria/Northern Virginia Office:
5270 Shawnee Road #102, Alexandria, Va. 22312
703-879-5910

Richmond Office:
7824 Shrader Road, Richmond, Va. 23294
804-273-8929

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A Guide to Virginia Diminished Value Claims

Your car can be damaged in any number of ways, at almost any time. Your vehicle doesn't even need to be moving! If your vehicle has been damaged by someone else, then you need to review whether or not you have a diminished value claim. Genesis automobiles, made by the Hyundai Motor Company, can cost a substantial sum when you purchased the vehicle new, or even used. Since any damage to your vehicle can result in a loss of its resale value, you want to make sure that you are able to recoup any lost you suffer!

Damage to genesis vehicles and other luxury cars can happen at any time period some common incidents include:

• Parking lot incidents, where your vehicle is parked and the other person hits it, and drives away

• Private property car accidents (crashes on private roads such as malls or condo/HOA complexes)

• Rear end collisions at stop signs and stop lights

• DUI crashes, where a drunk driver loses control and strikes your car or SUV

• Truck accidents

• Speeding

What is a Diminished Value Claim?

Diminished value is a claim that the owner of a vehicle has, when that vehicle has been damaged as the result of an accident. This is specifically recognized in Virginia law, under Virginia Code 46.2-1600

In order to calculate the value of a vehicle, all repairs have to have been completed.  Until the vehicle is completely repaired, we cannot assess whether or not a diminished value claim exists, and what the nature of such a diminished value claim may ultimately be.

Diminished Value is calculated rather simply, when thinking about how it works:

Pre-loss Value - Post-repair Value = Diminished Value

The Diminished Value Claims Process

Vehicle Repair

Before a diminished value claim can be evaluated, you have to have the vehicle repaired. Once the vehicle is completed, and you've gotten it back, then drive it around for a few days to make sure that it is back to where it should have been, nothing loose or not returned to its pre loss condition. Once you are sure that the repair has been completed, then you have to get a diminished value appraisal.

Get a Diminished Value Appraisal

A diminished value appraisal should be done by a certified, licensed, independent appraiser. The appraiser is going to compile a report, utilizing local actuarial data, to create the report. This is done after the appraiser does a full and complete inspection of the vehicle, from front to back, and top to bottom.

A word of warning about appraisals: do not get an online diminished value appraisal! Insurance companies are very aware of the huge number of online appraisal services, and insurance companies ignore these reports, or they give them very minimal credence. Their argument is quite well taken, as quite often, these reports are done utilizing AI, or done without utilizing local, actuarial data. Your resale value of your vehicle is calculated based off of where you live. So the value of a car in, say, Los Angeles and New York City, is not germane to a Fairfax County diminished value claim! If you end up getting an online appraisal, chances are, you're going to have to get an in person appraisal anyway, meaning that you will have wasted your money!

Call Blaszkow Legal

We will review the diminished value report, and determine whether or not this is a case that we can help you with period not every diminished value claim justifies the involvement of an attorney. Sometimes people have legitimate diminished value claims, but they may only be $2000 or $3000. By the time you're done paying an attorney, court costs, and other expenses, it becomes a money losing proposition to hire an attorney for such modest value cases. You should still give us a call however, as we can give you guidance to get it done on your own.

Opening the diminished value claim

Once we have evaluated the report, and determined that this is a case that we can help you with, we will liaise with the insurance company and prepare a settlement package. The settlement package includes our demand letter, and other information that we will glean from the report.

Settle or litigate the case

Negotiations begin once the insurance company responds to us, and they often respond within 30 days. During this time, the client is involved. It's always the client's case. We are not going to just call you out of the blue one day, and tell you what we've gotten you! If they do not provide fair value for your case, and we believe that we can win at trial, we may recommend filing a lawsuit.

Going to court

Not every diminished value case winds up in court. In fact, few do. Oftentimes, insurance companies will decide to settle a case, once they see that we are prepared to litigate. You always have to remember that insurance companies are in the business of paying out as little money as possible. They are not going to settle your case if they don't have to. And if they know you are not serious about going all the way, then they will undercut the value as much as they can

Reminder: contributory negligence applies!

Virginia is still a contributory negligence jurisdiction, just like Washington DC and Maryland, among others. This means that if the person bringing the claim is even 1% at fault for the happening of the accident, then that person cannot recover. Oftentimes, if your vehicle is hit in a parking lot by an unknown vehicle, this is not an issue. But in the situation for example, where you are merging onto the highway, the insurance companies can always argue that you were somehow responsible for the collision.

If the insurance company can argue that you are at fault for the accident, you can lose your case. This is why it is so important to call an attorney as soon as possible after a crash, so we can begin investigating the case.

Contact an Experienced Diminished Value Lawyer Today!

Genesis vehicles are beautiful automobiles, and we see them with increasing frequency on the roads here in Northern Virginia, and indeed throughout the Commonwealth. They can get damaged just like any other vehicle however, and you do not want to be left holding the bag, after a crash. If your car has only a fraction of its resale value, always look into any claim that you can make, to recoup some of that investment. Remember that a car accident does not diminish in any way what the financing company gets paid back! 

Protect your rights, and call Blaszkow Legal to day for a free consultation - 703-879-5910