Diminished Value
Has Your Vehicle Been in an Accident?
Are You Receiving Fair Compensation for the Value it Has Lost?
When involved in an accident, it is important to recognize that the value of your vehicle can undergo a significant decline. To address this issue, “diminished value” or “DV” claims seek to provide compensation for the disparity between your car’s pre- and post-accident worth.
You may be eligible to receive compensation for the diminished value if you were not responsible for the accident, as per state laws.
To determine if you qualify for a diminished value claim, please consider the following criteria:
- Was another driver at fault for the accident?
- Do you own the vehicle outright or are you currently making loan payments? (Leased vehicles are ineligible for such claims.)
- Is your vehicle less than 10 years old?
- Does your vehicle have fewer than 100,000 miles?
- Has the vehicle sustained any previous accident damage? If so, was the damage minor in nature? (Vehicles with a history of significant damage are ineligible for such claims.)
It is worth noting that insurance companies often seek to minimize their liability and, consequently, may attempt to reduce the amount they pay for diminished value claims. Therefore, it is of utmost importance to have a knowledgeable professional like independent appraiser on your side, ensuring that you receive the rightful and appropriate compensation you deserve.
Ask your trusted collision repair facility if they have an independent appraiser they work with and trust as this could mean receiving money back in your pocket you didn’t know you deserved!