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Am I Affected by Uncovered Diminished Value Automobile Accident Losses?

Jan 19, 2021
Shamis & Gentile, P.A.

A recent class action settlement of $10 million dollars against Allstate was reached after policyholders complained that the insurance company failed to cover all the losses incurred due to automobile accidents. If you were in an automobile accident within the last five years with an uninsured driver where you were not at fault, your insurance company may owe you thousands of dollars in the diminished value of your vehicle. This class action investigation is open to all policyholders of any automobile insurance company, not just Allstate.

What is Diminished Value?

A question asked by almost everyone looking to buy a new vehicle is whether or not it has been involved in an accident. Owners trying to sell their vehicle may be surprised to learn that when it has been in an accident, the vehicle can suffer a permanent loss in value, even if all the damage has been fully repaired.

The decrease in the market value of your vehicle is referred to as “diminished value” by the insurance industry. A diminished value appraisal can be performed by an expert to determine the total loss. Experts have said that a car with an accident or repair on its record can affect the resale value by up to thousands of dollars.

Vehicle owners who are not at fault for an accident are often unaware of this and fail to make a claim for the diminished value of their vehicle. Additionally, an investigation by ABC 7 on Your Side showed that many insurance companies in addition to Allstate have reportedly improperly denied diminished value claims.

Join our Diminished Value Class Action Investigation

If you believe you have been improperly denied the diminished value to your vehicle, you may be able to join Shamis & Gentile’s diminished value class action investigation if the following apply to you:

  • Your vehicle was in an automobile accident with an uninsured or underinsured motorist within the last five years;
  • Your vehicle was NOT totalled;
  • After your vehicle was repaired, its market value was reduced; and
  • You were NOT paid out for diminished value losses.

If you think you qualify, fill out the form below for a free case evaluation. If you qualify one of our lawyers will contact you to discuss the details of your potential case at no charge to you.

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Shamis & Gentile P.A.

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