Each thing you have ever bought is priceless to you. However, when it comes to a car, it goes to a whole new level. This is because many people only dream of a vehicle, and those who own one make memories with their beloved ride.
And what happens when your car gets involved in an accident in Atlanta? It’s a grievous experience that puts you under a lot of stress and leaves your beloved investment damaged. While a diminished value claim, Atlanta can’t undo what has passed, but it can definitely help you recoup the losses.
When a car is damaged in an accident, its market value drops from its pre-accident value; this decrease is known as diminished value. Suppose you have a car worth $50,000, which is involved in an accident. Post-accident, its market value drops to $43,000, then the $7,000 is the diminished value.
This is your right to regain your vehicle’s diminished value, which is the difference between its market price before and after it is involved in an accident. You can file this claim even after repairing your car. Usually, car owners file a diminished value claim against the at-fault party’s insurance company; however, in Atlanta, you can file the claim under your own motorist coverage if the at-fault party is uninsured or underinsured. Just make sure that you are not at fault for the accident.
There are 3 types of diminished value you need to know about.
Immediate diminished value is the difference between your car’s price immediately before and after it is involved in an accident. If you $50,000 is worth $43,000, immediately after an accident, then $7,000 is the immediate diminished value.
Suppose your car is repaired with poor-quality parts after an accident, then its market value will further drop. The contraction between your car's market value immediately after the accident and repair is its repair-related diminished value. For instance, if your car is worth $43,000 after an accident and after repair, its market value further drops to $37,000, then $6,000 is the repair-related diminished value.
Even if your car is restored to its pre-accident condition, its market value remains lower than it had before the accident. This is because your vehicle was involved in an accident. In this situation, the difference between your car’s value before it is involved in an accident and after repair is called inherent diminished value. If your $37,000 damaged car is restored to its original condition and is now priced at $45,000, but had $50,000 value before the accident, then $5,000 is the inherent diminished value.
You now have a basic understanding of the diminished value and claim. But how are you planning to file a claim? If you don’t have any idea, the following steps will help.
You might think filing a diminished value claim in Atlanta is a piece of cake. Let us tell you that it’s a complex process. What’s more? The insurer will most probably not pay the full diminished value. You can follow 2 tips to get a fairer settlement.
You should hire a professional appraiser and get a detailed appraisal report. This report will establish the market value of your car before the accident and help you present a strong case to the insurance company. You should take this step before sending your documents to the insurance company.
If you have attached the diminished value appraisal report with other documents, and the insurance company still refuses to pay the fair settlement, then an attorney can help. They can present your case in court and fight for your settlement amount. This might lengthen the settlement process, but you will likely receive your requested settlement amount.
We are ADR-Claims, a professional company offering accurate diminished value appraisal Atlanta, GA. If you are filing a diminished value claim Atlanta, but don’t have a clue about the process, we will help you every step of the way. Our other services include total loss value appraisal, exotic/classic car appraisal, lease return inspections, physical damage inspections, total loss threshold, fleet and commercial appraisals, etc.
