Is Insurance Company Hiding About Diminished Value Claims? Here’s What You Need to Know

After your vehicle meets an accident, you might think that the insurance company will cover all your losses. An accident can decrease the value of your car even if you have got it repaired nicely. This value is called diminished value and many insurance companies might hide the fact that you can file a claim for it. 


Buyers are more likely to want to pay less for an accidental vehicle even if it is in perfect condition. This means that you lose the value of it when you try to sell or trade it. This can happen if the insurance company does not pay for this loss. You have to ask for it in the forefront as they do not even mention it before. 


In this article, we will find out what you need to know about diminished value and how you can maximize the compensation. Continue reading to learn more. 

Understanding Diminished Value

After an accident, your car’s market value reduces. It can happen even if you have made it well-repaired. When a potential buyer approaches to buy your vehicle, they can negotiate to make the prices lower because the vehicle was damaged. The same vehicle before the accident has greater value than the vehicle after the accident. This decreased value is called diminished value California. This can be of three types- inherent, repair-related, or immediate. 

How to Know if You Are Eligible for a Diminished Value Claim?

If you are in a fix on how to file diminished value claim California, it is better to know about the eligibility before taking any action. Your eligibility can depend on several factors. The first and foremost thing to consider is finding who was at fault for the accident. If the other driver is at fault, you can file a claim then. Sometimes, it can depend on particular policies of the states. Furthermore, if your car is new, it can have a high value and you can be eligible for filing a higher claim.

What is The Role of Appraisers When Filing a Diminished Value Claim

An appraiser plays an important role in filing a diminished value claim. They evaluate what was your vehicle’s value before the accident and how much it lost its worth after the repairs. By taking into account some factors such as a vehicle's condition, current market value, and comparison with similar vehicles, a classic car appraisal service helps evaluate and calculate diminished value. They create a detailed report that you can use for insurance companies especially when they are offering less value than you deserve. 

Final Words

If the insurance company has not mentioned your vehicle's diminished value, all you need to do is take some immediate actions such as hiring a trusted and experienced appraiser company and researching your state’s laws regarding the claim. It can help you get the fair compensation that you deserve streamlining the whole process. Make sure to get in touch with a company like ADR Claims which can offer you a strong argument when filing a claim. Their report is based on an unbiased and reliable evaluation. So, to maximize the diminished value, getting a trusted appraiser service is a smart move. 



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