Your beloved car just got involved in an accident in Los Angeles County? We feel sorry for you, but we also have a solution. A diminished value claim Los Angeles County can be of great help for you in this situation. Yes, it can not undo what has happened, but it can help you recover the market value your car has just lost. The insurer will probably not give a fair settlement for the claim, but worry not. We are ADR Claims and will help you with diminished car value appraisal Los Angeles County.
Diminished value is the drop in market value after a car is involved in an accident. Didn't understand? Suppose your $73,000 car was damaged in an accident and now its market price is $63,000. The drop of $10,000 in the market value of your vehicle is its diminished value.
Depending on whether your car is repaired or not, and how well it is repaired, the vehicle can have 3 different diminished values.
Immediate diminished value is the market value of your car right after it’s damaged in an accident and hasn’t been repaired. If your $73,000 car is damaged and its market value drops to $63,000, then $10,000 is its immediate diminished value.
After your car is damaged and gets repaired with substandard parts, its market value further drops. The drop in your car’s market value before and after repair is its repair-related diminished value. Suppose your car is worth $63,000 after the accident, and after the repair, its value further drops to $57,000. Then, the $6,000 difference is the repair-related diminished value of your car.
Even after your car is restored to its original condition after getting involved in an accident, it can’t have the value it had earlier. This is because your car just had an accident, and now buyers will be less likely to invest in your vehicle. The difference in your car’s market value before its accident and after its repair is the inherent diminished value. Suppose your car was worth $73,000 and after repair, its market value is $69,000, then $4,000 is inherent diminished value.
Diminished value claim Los Angeles County allows you to recover the market value your car has lost as a result of an accident. Suppose your car loses $10,000 in value after an accident, then you can recover this amount. Good news! You can file the claim even after your vehicle is repaired. Make sure to file the claim within the statute of limitations, which is 3 years in Los Angeles County.
A diminished value claim is filed against the at-fault party’s insurance company. But in case the at-fault driver is uninsured or underinsured, check whether your insurance company allows filing the claim under your motorist coverage. If it does, you can file a first-party diminished value claim
The following steps will help you file a claim in Los Angeles County.
Insurance providers avoid paying for claims or try to settle them for the minimum amount possible. If you face the same situation, no need to lose hope; there are two ways to get a fair settlement.
Get help from a professional car appraiser company and get your car evaluated. They will provide you with a detailed appraisal report, including the accurate market value of your damaged car. You can present this report to the insurer and negotiate for a fairer settlement.
The last resort is to hire an attorney experienced in diminished value cases. They present your case in the court and help you get a fairer settlement. This will likely extend the settlement process, but you are more likely to get a fair amount.
Filed a diminished value claim in Los Angeles County, and insurers are refusing to pay a fair settlement? We are ADR-Claims, and we will help you get the amount you deserve. We will stay beside you throughout the settlement process, so you don’t need to worry about a thing, even if you are unaware of a diminished value claim. We also deliver other services, such as fleet appraisal, total loss threshold lease inspection, exotic car appraisal, and much more.
