When a vehicle has been damaged in an accident, there’s often more to it than just a repair bill. Diminished value claims are one way that drivers may be compensated for the loss in resale value caused by their accident. It’s important to understand these types of claims in order to maximize the amount you receive from your insurance company.
Diminished value claims vary by state. Some states allow for full diminished value recoveries while others only allow for a percentage of pre-accident value to be recovered. Regardless of the rules in your state, it’s important to find a reputable diminished value attorney who specializes in these types of cases. You can do this by asking for referrals from friends and family or looking online. Once you’ve found a reputable attorney, they can help you get the compensation you deserve.
Before filing your claim, you should calculate your car’s pre-accident value. You’ll also need to gather proof of the damage, such as photographs and repairs estimates. Once you have this information, you can submit it to the at-fault party’s insurance company for review. Once they’ve seen your evidence, they may make a settlement offer or decline the claim.
In most cases, you can only file a diminished value claim if the accident was not your fault. However, if you have uninsured motorist coverage on your own policy (recommended), you may be able to file a diminished value claim with your insurer in addition to the at-fault driver’s.
While diminished value claims are typically covered by insurance companies, it can be challenging to get a fair settlement. You’ll need to prove that your car was significantly less valuable as a result of the accident, so it’s important to use a reputable diminished value appraiser who can help you get the most from your claim.
After you’ve submitted your diminished value appraisal and demand letter, the insurance company will review your case. If they deny your claim, you can try to negotiate with them or use the mediation or arbitration process to resolve the dispute.
Getting the compensation you deserve for your vehicle’s lost resale value isn’t easy, but it is possible. By following the steps outlined in this article and using an expert diminished value appraiser, you can maximize your chances of success.
If you have any questions about diminished value or how to file a claim, don’t hesitate to contact the experts at AutoLoss. We have helped our clients recover over $17,000,000 this year alone, and we can help you too! Contact us today for more information.