Stramiello Law
Stramiello Law has been serving the state of New Jersey for over 30 years. A boutique family firm with practice focused on Motor Vehicle Accidents, Personal Injury, Lemon Law, Diminished Value claims and more.
When you need attention to detail combined with knowledge that comes from handling thousands of cases in the Automotive space, you will find it here at Stramiello & Stramiello.
About
Diminished Value Claims
A diminished value claim is a type of insurance claim that allows a car owner to seek compensation for the decreased value of their vehicle after it has been involved in an accident and repaired. When a vehicle is damaged in a collision and then repaired, even if the repairs are done perfectly and the car looks and functions as it did before the accident, its resale value may still be lower than a similar vehicle with no accident history. This decrease in value is referred to as "diminished value."
- Inherent Diminished Value
- This refers to the automatic decrease in a vehicle's value simply because it has been in an accident. Even if the vehicle is repaired to a high standard, buyers often perceive a previously damaged car as less valuable than one with no accident history.
- Immediate Diminished Value.
- This is the decrease in value that occurs right after an accident. It reflects the difference in the vehicle's value immediately before the accident and immediately after the accident, before any repairs are made.
- Repair-Related Diminished Value.
- This is the reduction in a vehicle's value that is directly attributed to the quality of repairs. If repairs are not done correctly or if there is evidence of subpar workmanship, the car's value may be further reduced.
How can we help?
To file a diminished value claim, reach out to us via email or call and we will be ready to assist you.
- help@stram.law