Accelerated Depreciation

Personal Injury Lawyers representing Clients with Financial Losses in Automobile Accidents

Even though we are generally very safe on our roads, sometimes our luck runs out and we find ourselves involved in an automobile accident. The accident may involve another car, a truck, or even a hit and run driver.
Regardless of the type of vehicle involved in the accident, we are susceptible to injury and loss. In addition to suffering physical injury, we may find ourselves the victims of an unexpected financial consequence called “accelerated depreciation” or “diminished value”.

What is Accelerated Depreciation/Diminished Value?

Accelerated depreciation (or diminished value) occurs in the following circumstances:

  • Your vehicle has been damaged in an accident that was not your fault;
  • Significant repairs to the vehicle were done, the cost of which was covered by an insurance policy;
  • You proceed to sell or trade in your vehicle at some future date, but because it was involved in an accident, its value has been diminished;
  • You cannot sell or trade in your vehicle because it was in an accident and he accident was not your fault;
  • Although the insurer has compensated you for the cost of the repairs, you have not been compensated for the amount of depreciation resulting from the very existence of the accident and the repairs, even though the accident was not your fault.

In an nutshell, accelerated depreciation means that, through no fault of your own, you are left with a vehicle worth less on resale or trade-in even though it has been fully and professionally repaired. How can this be fair?

Helping You Get Compensation for Diminished Value/Accelerated Depreciation

You are probably wondering how you can get compensated for this type of loss. Diminished value claims are relatively uncommon in Ontario, and your insurer may even deny the existence of any issue. David Derfel and the personal injury lawyers at Derfel Injury Law have been practicing personal injury law for over a decade and have a wealth of experience successfully resolving claims through tough negotiations with insurance companies and by bringing tort actions against at-fault parties.

If you are not at fault for the car accident, and you wish to pursue a remedy for accelerated depreciation, contact Derfel Injury Law for assistance and advice. When seeking compensation from an insurer or an at-fault driver, it is critical to work with a legal team that has a deep and thorough understanding of insurance law. The personal injury lawyers at Derfel Injury Law have a proven ability to quickly formulate unique and effective strategies, and can put together a compelling case in support of your claim for monetary compensation. Our personal injury lawyers and legal professionals work hard to get our clients maximum compensation. By retaining Derfel Injury Law, you can trust that you have a team with expertise, compassion, and creativity to handle your claim from beginning to end.

For professional legal advice on Accelerated Depreciation after a Car Accident, contact Derfel Injury Law in Toronto

Contact Derfel Injury Law to meet the personal injury lawyers who will work tirelessly to achieve the best possible resolution to your accelerated depreciation caim. Our office is conveniently located in Toronto. Call us at 416.847.3580 to schedule a visit at the individual office closest to you or contact us using the form below.