Under Georgia law, an insurer must pay compensation for diminished value—but there are exceptions. As our Conyers accidents lawyers understand, getting this type of claim paid is difficult.
First, you need to ask the insurer to pay for it. Don’t expect them to volunteer to compensate you for diminished value. When you look over a settlement for the cost of repairs, ask if diminished value has been included.
Second, only cars with substantial market value are eligible. Currently, a vehicle must be worth over $7,000. If your car is worth less than this, you cannot make a diminished value claim. Sometimes, disputes break out over the value of the vehicle, so make sure you have some documentation of how much it is reasonably worth.
Third, the damage must be at least $500. Minor damage is not eligible for a diminished value claim. However, most damage requires at least $500 nowadays.
Lastly, you must satisfy these other requirements:
- The car cannot have excessive mileage
- The car cannot be more than 10 years old
- The title must be clean
As you can see, Georgia law restricts this type of claim to situations where there has been a meaningful loss in value for cars that aren’t too old. If you believe you qualify, raise this claim with the insurance company.
Georgia also gives car owners a limited amount of time to bring a claim. Currently, you have four years to do so. We recommend meeting with an Atlanta car accident attorney promptly.