Diminished Value in Washington

The state of Washington has amazing sites. From the spectacular and futuristic space needle to landscaping vineyards to snow-capped cascading mountains, it is a vision. A site that we do not want to see is the results of a car accident, especially when we are the victims of the accident. In Washington’s past, drivers have settled to merely exchange driver’s licenses, insurance information, and numbers. Unfortunately, many people have been overlooking a major monetary loss for quite some time.

In 2003, the citizens of Washington became able to file claims for diminished value because of the case Heaphy v. State Farm Mutual Automobile Insurance Company, 72 P.3d 220, 117 Washington. App. 438 (Washington.App.Div.2 07/01/2003) This verdict was a result of the insurance company State Farm admitting that they should compensate for diminished value. They did so to avoid class action certification and to compel arbitration. This case set a precedent on how future diminished value cases and disputes should be fairly estimated and rectified.

What to Know About Washington Diminished Value

Diminished value is a result of when a car accident occurs. Many times when the at-fault party for the accident has your car repaired, the insurance company will pay the lowest amount to get the damages fixed. This can lead to shoddy repairs or aftermarket replacements. Even if the car is fixed to its original state, there is still an immediate loss of resale value to your vehicle after a car accident, just because of the fact it was in collision. Most citizens of Washington looking to buy a used car are not interested in buying a vehicle that has been in a reported accident. The diminished value of your car could be anywhere from 15%-50%.

In the state of Washington, an insurance company does not automatically include diminished value in your insurance claim. First, you must file a claim for diminished value. You may choose to fill out and file a claim yourself, but many times the insurer will argue against it. Hansen Price is a reputable company that can help you, not only find a diminished value estimator that will hold up in court, but will help you in the litigation process if it should escalate to that point. An accident is grueling enough. Your car is not only a valued asset, but becomes an important part in your life. Regardless of if you have become attached enough to give your car a pet name or you merely rely on your vehicle for daily transportation, it is a stressful situation to handle the immediate interference and possible long-term monetary hit that can be a result of an accident when you are not at-fault.

Contact Hansen Price About Your Diminished Value Claim in Washington

Hansen Price is well versed in Washington law and is here to take care our clients. Your vehicle not only gets you from one location to another, it collects memories and protects us. Hansen Price is here to protect both you and your car every step of the way. Contact our diminished value experts today by calling 1-888-706-4530 or using our online form!

Find out what the experts at Car Pro are saying about
Diminished Value in a recent podcast - including what your insurance company will never tell you.