Q: In Louisiana is there a formula for determining diminished value in an automobile accident?
Body shop estimated diminished value of $7662.49. Progressive is offering $1800.
A: We typically send our clients to a specialist who can quantify the diminished value. If there is a formula, the specialist would know it and be able to assist you. Per LA R.S. 9:2800.17, you may seek compensation for the diminished value of your vehicle if you can prove that your car will not retain its value as it was before the accident even when repaired to its pre-accident condition. This value may not exceed the car’s total value.
A:
Courts have held that diminished value is the difference between the fair market value of a vehicle before and after an accident, even if the vehicle has been repaired. The courts have also held that diminished value is a real and compensable loss.
Unfortunately, due to the nature of internet questions and responses, the information provided can ONLY be for general informational purposes and cannot constitute legal advice.
A: Diminshed value is a compensable claim but the claimant must prove it. Proof of the amount of diminished value is usllay via an expert's opinion. You may want to see if the body shop will provide you (and Progressive) the calculation and rationale as to how it calculated diminished value at $7,662.49 and if you and Progressive can agree on an amount, then you will resolve it If you cannot, then you need to decide if you want to file suit and/or obtain a lawyer to represent you on this issue. Good luck.
A: There are a few different types of diminished value - a starting point could be to ask the claim examiner the formula and basis they used. Good luck
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