Diminished Value is the loss of market & resale value of a damaged vehicle after an accident.
Even if the vehicle has been repaired to near perfect condition after the accident, the vehicle’s market & resale value will often be less than a comparable vehicle with no damage history.
The event and the level of damage will also (most likely) be recorded on a vehicle history database such as CarFax® or AutoCheck®. When it comes time to sell or trade in the vehicle, the buyer or dealership will often offer a lower price for a vehicle that has been involved in an accident as compared to a vehicle with no damage history.
If you were involved in an accident and you were not the at-fault party, then the insurance policy of the at-fault party (if adequately insured) is often required to make you whole for any losses incurred as a result of the accident. This includes any loss of your vehicles market & resale value.
Diminished Value Auto Clinic specializes in recovering that loss in market & resale value from the at-fault party’s insurance for you.
Diminished value claim laws and regulations vary in each State & US territory.
Contact us today to see if you qualify for a Diminished Value claim.
It is common for car owners to not be completely satisfied with the repairs done to their vehicle after an accident. Noticeable issues such as uneven gaps between body panels and mismatched paint are the most common complaints. Some repair facilities will also use after-market (Non-OEM) parts to make the repairs. All of which will affect the market & resale value of the vehicle.
When speaking with a DVAC representative, please be sure to let us know if you are not completely satisfied with the repairs accomplished to your vehicle and provide us with detailed pictures. This information will help us with recovering the maximum amount of compensation for you.
The following scenarios may prevent someone from filing a Diminished Value claim…
If you were the At-Fault party in the accident...
If you were the at-fault party, it will be more difficult to collect on a Diminished Value claim, and the claim would have to be filed with your own insurance carrier. This would also, most likely, cause your insurance rate to increase even further.
If the vehicle was leased…
If the vehicle is leased, then collection of a Diminished Value claim will be the responsibility of the vehicle owner to file a claim. Leasing companies most often have their own team of experts to file a claim and collect from the at-fault party’s insurance company.
If the vehicle was totaled…
If the vehicle was a total loss as a result of the accident, then the at-fault party’s insurance should have compensated the not-at-fault party for the fair market value of the vehicle. A Diminished Value claim should only be filed for a vehicle that has been repaired after the accident and is in drivable condition.
If the vehicle has been involved in multiple accidents…
If the vehicle was involved in more than one accident since new, this will make collecting on a Diminished Value claim more difficult. The insurance companies will often argue and cite the reason for the initial & largest drop in market value of the vehicle was due to the prior accident(s).
If the prior 1st accident occurred within the past 3 years, then we may be able to help you file a Diminished Value claim for the previous accident.
If you are currently being represented by an attorney for the accident...
If you are currently being represented by an attorney for the accident in question, DVAC will only be able to assist you with collecting your Diminished Value claim if your attorney gives us written permission to pursue the claim on your behalf.
If the at-fault party had no insurance or was under-insured at the time of the accident...
If the at-fault party had no insurance, the policy limits were reached, or was under insured to cover the loss incurred from the accident, it will not be possible to collect on a Diminished Value claim from an insurance company.
If the Diminished Value claim is time barred due to specific state laws & regulation...
Each State & US territory has unique statute of limitations pertaining to filing a Diminished Value claim.
Please feel free to contact us to inquire and see if your case qualifies for a Diminished Value Claim.
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