A car that has been in an accident, even a minor one, is less desirable than a vehicle that has not been involved in an accident. This decreased appeal is known as diminished value, and it can affect a vehicle’s resale price and trade-in value. In some states, drivers can recover diminished value loss from the at-fault party’s insurance company if they are able to provide sufficient proof of diminished value.
The diminished value calculators available online aren’t always accurate. These sites rely on the same formulas and assumptions as the insurers do, which can lead to an inaccurate result. For this reason, it’s best to work with a lawyer who specializes in diminished value claims. These professionals can help you obtain an accurate estimate and make a stronger case for the amount you deserve.
Insurance companies scrutinize diminished value claims closely to avoid paying out on them whenever possible. This means they’ll often look for any loopholes or mistakes in your documentation to deny your claim. An attorney can prevent these errors from occurring by reviewing all of your documentation and ensuring that it meets all of the insurance company’s requirements.
In most cases, a diminished value claim will need to be backed up with evidence such as repair estimates or appraisals. Having this information on hand can speed up the process and improve your chances of having your claim approved. Additionally, it’s important to document everything about the accident, including photos and police reports. This will also help the insurance company see that your car was significantly less appealing as a result of the accident.
It’s also worth considering a diminished value expert who can provide a detailed report on your car’s value after an accident. These professionals can perform a more thorough inspection than the insurance company’s appraisers and use their findings to support your case.
The process for filing a diminished value claim can vary from state to state, so it’s important to research your specific laws. In addition, the at-fault driver’s insurance company may have its own rules and regulations regarding diminished value claims.
You shouldn’t have to pay for someone else’s mistake, and you should be compensated if your car has lost value as a result of an accident that wasn’t your fault. Contact WreckCheck to learn more about your options for pursuing compensation from the negligent party’s insurance company for damaged property. The sooner you call, the faster you can get on your way to a financial recovery.