Diminished Value Claims After Collisions


Although it is normal for a vehicle to depreciate in value as the years pass by, certain things can cause it to happen a lot sooner than expected. The value of a vehicle should be treasured no matter how long you have owned it, as it plays a role in what you can resale it for. Getting into a collision can instantly cause your vehicle to lose a substantial amount of value, especially if the damage is severe. Even after getting a vehicle professionally repaired and brought back to a condition that is like new, it will still be less valuable than before the accident occurred. This article explains how diminished auto value claims can be filed after being involved in a collision that is the fault of the other driver.

Getting Multiple Appraisals

Before attempting to file a claim for the diminished value of your vehicle, it is important to know how much it was worth before the accident occurred. Although your vehicle will automatically be appraised during the process of filing a claim, it is wise to get a few third-party appraisals. This because you will then have the privilege of knowing if you are being offered a fair amount of money. There are numerous companies, such as Chicago Auto Appraisers, that you can contact to learn what the value of your vehicle was before the collision. If you hire professionals, all of the appraisals should be approximately the same.

Where to File a Claim

Diminished value claims are handled via auto insurance companies. However, you should not contact your own auto insurance provider, as they will not likely handle such a claim when the collision wasn't your fault. You will need to contact the insurance provider of the person that collided with your vehicle to file a claim. The diminished value of your vehicle will basically include getting paid the difference between the value of your vehicle before the accident and what it is currently valued at. Keep in mind that you can still request money for other aspects of the collision as well, such as your vehicle damage and injuries.

Contacting a Lawyer

In some cases, auto insurance companies will attempt to offer a diminished amount of money, which isn't fair. You do not have to accept such an offer, and further action can be taken. Simply hire a lawyer to start communicating with the insurance company on your behalf. You then end up either with a fair payment amount or suing the company in court.


9 November 2018

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