Diminution of Value
You're coming home from work one Thursday evening and find yourself in a wreck. The person at fault for the wreck is on the wrong side of the road, heading toward you, when they hit the front bumper of your vehicle.
You can't help feeling more than a little dazed and confused by this situation as you wonder how you're going to pay for the bill to fix your car. You don't know why that is the first thing you think of since you know you are not at fault for the wreck.
You bite your lower lip as you wonder what to do since it seems obvious to you that the other person does not seem interested in paying to fix your car. You know you need to get it fixed so you can drive the car again.
You realize that you have no choice but to take this person to court since you don't have a car to drive at this point. You can't sell the car since you know you won't get as much money for the car after the wreck.
You hear your lawyer talking about diminution of value but you have no idea what the term means. Let's take a closer look at the term so you can know more about your situation.
Diminution of value is a term used when calculating damages during a legal dispute. It describes a measure of value lost due to the circumstances surrounding that caused that loss. It measures the value of the item before the act or the omission of that lost value so the damages can be calculated properly.
It is often calculated when a loss can be measured in a monetary sense. It is also used for restitution damages when the loss has unfairly benefited the person who committed the damages.
When it comes to car wrecks, the ability to claim diminutive of value depends on the country or state you live in and who is at fault for the wreck. If you are driving a rented car, the rental car company may charge you for diminished value after the accident unless you pay for a damage waiver.
The company may decide the value of diminution. Charging for diminution in value is not allowed in California, Indiana, Nevada, New York, Wisconsin, Australia, or New Zealand. They also do not charge diminution of value in Europe, the Middle East, or Africa.
Getting Your Money
When someone steals something that belongs to you and then damages that object, it is depriving you of your property. It is also depriving your children of the object if you pass away before you get the object back.
This object will also further the person's wellbeing because they made profit from the object being in their possession. Calculating the diminution of value helps in a legal dispute when it comes to the value of the property stolen and the amount of profit gained by the person who stole it.
You may not be able to accurately calculate the amount of profit gained by the stolen object but you can calculate a fair restitution for what was stolen from you. Calculating the value of your property is a main factor in calculating the amount of damages you can receive.
Car Accident Lawyer serving Washington, Kinston and all other areas of Eastern North Carolina
Carolina I’m Brian Ricci, a Car Accident Lawyer serving Washington, Kinston and all other areas of Eastern North Carolina. If you have suffered a personal injury, please call me anytime at (252) 752-7785 or 1-800-387-6406 for free, friendly advice. Let’s go over the details of your accident case over the phone and see how best to proceed. The call is free and there is no obligation to you.
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