In addition to personal injury claims, The Law Offices of Alexander B. Ramey, PA also handles diminished value or diminution of value claims. If your vehicle was involved in an accident due to the negligence of another you may be entitled to recover the difference between the pre-loss value of the vehicle and the post-loss value based on the negative stigma that comes with a previously damaged vehicle.

To give you an example, in early 2015, we represented a client who’s 2012 Porsche Panamera S was involved in an accident. The other party was at fault, and their insurance company paid $4,700 in repairs. After the vehicle had been repaired we had the vehicle independently appraised and filed a diminished value claim for $15,000.

Another benefit of pursuing a diminished value claim is that, if you itemize deductions, you may be able to write off the difference between to diminished value and the amount that you recover. For example, if you file a $15,000 diminished value claim, and you only recover $10,000, you may be able to write off the $5,000 difference. Please check with your CPA regarding tax advice.

If you are the owner of a premium, low millage vehicle that has been damaged due to the negligence of another, let our law firm investigate whether you have a viable diminished value claim. If we determine that your case is worth pursuing, we may be willing to handle your diminished value claims on a contingency fee basis. That means that if we do not obtain a monetary award on your behalf, you do not need to pay us, so you have absolutely nothing to lose.