Been in a wreck in Oregon? You may qualify for Diminished Value. Oregon has some of the best consumer laws in the country when it comes to Diminished Value. Oregon has case law reflecting Diminished Value as early as the 1930s. What is Diminished Value? It’s the immediate loss of value your vehicle suffers after an accident. All vehicles that have been in a collision have suffered diminished value, but not all victims of diminished value have a claim. In Oregon, normally someone else has to be at fault. This is called a 3rd party diminished value claim.
Previous Diminished Value Case Law in Oregon.
The State of Oregon has recognized diminished value since 1930 in the case of Rossier v. OR. Mutual Fire Insurance Company 134 whereas the court determined that the proper measure of recoverable loss under the policy was the difference between the vehicle’s preaccident and post-accident market value. Other Landmark cases pertaining to Diminution in Value in Oregon include, Dunmire Motor Company v. Oregon Mutual Fire Insurance Company 166 OR. 690, 114 P.2d 1005 (1941) where the Oregon Supreme Court ruled that the insured was entitled to the difference between the pre and post-loss value of the vehicle and even proper repairs of the car may not accomplish this result.; Gonzales v. Farmers Ins. Co. of Oregon, et al., No. A128598 (2006), (Court Opinion) whereas the Oregon Court of Appeals reversed and held that, under the terms of Gonzales’ policy, Farmers Insurance was obligated must restore Gonzales’ vehicle to its pre-loss condition or, if unable to do so, pay the insured the difference in the repaired vehicle’s fair market value Pre-loss and Post-repaired.
Other Oregon Laws pertaining to Claims filed for Diminished Value Oregon:
Statutes of Limitations for filing for Diminished Value in the state of Oregon is 6 years from the date of loss. Even if you’ve already settled for injury and damage to your vehicle, you may still be able to claim your loss resale value in Oregon for up to 6 years. We previously had a client who settled a claim on their Toyota Camry with State Farm for over $3000.00, 77% of the appraised Loss in which the claim was 5 years and 11 months old. This was settled within 2 weeks of filing the appraisal with State Farm without any legal aid from an attorney.
To find out more about Oregon Diminished Value, please follow this link to our regional site, Diminished Value of Oregon.