Diminished value is the loss in a vehicle’s value as a result of having been damaged in a car accident. Diminished value claims allow vehicle owners to recover the difference between a car’s pre-accident value and its value after repairs. The following question regarding making a diminished value claim is one of many car accident questions asked on avvo.com which attorney Mike Hancock answered.
Question: How can I get the insurance company to pay for diminished value of car after a car accident? I was hit on the passenger side in a 2013 Dodge. The other party’s insurance company is going to send an adjuster to give an estimate of damage.
1. Do I need to give a diminished value estimate to the adjuster?
2. Is the diminished value claim an ancillary issue I need to handle separate from the damage estimate?
3. If I accept the estimate to fix the car, do I forgo the diminished value claim, or is there a separate statute of limitation for that?
Mike Hancock’s Answer: The two biggest factors that determine the value of your diminished value claim are (1) the year of your car – the newer the car, the greater the diminished value; and (2) the extent of the damage to your car.
1. You will need to provide the other party’s insurance company with the basis of your claim. You can give your estimate to the field adjuster that comes out and estimates the damage, or you can send it directly to the property damage adjuster assigned to your claim.
2. The diminished value claim can be considered ancillary, but you can also settle it at the same time you get your car fixed.
3. You do not forego the diminished value claim if you simply let the insurance company fix your car. Just don’t sign any release of claims that would release your claim.
Call Us Now about Your Diminished Value Claim for your high-end or luxury vehicle. We can Help!
An insurance company’s goal is to settle your case for as little money as possible. Mike Hancock’s goal is to maximize compensation for your physical, financial and emotional damages. We offer a free, confidential consultation at 813-915-1110. Our phones are answered 24/7/365. You can also reach us by e-mail.