Many people dream of owning a car, and those who already have one always strive to keep it safe. Not only because they have a lot of memories with this car, but also because it is expensive. Even after taking a lot of care, mishaps occur, and your car gets involved in an accident. What do you do after this?
Most probably, you call the insurance company to file a claim and get medical assistance if necessary. Suppose you successfully file a diminished value claim. What do you think? Will the insurance company give you the requested amount so easily? No! You need a diminished car value appraisal Orange County, CA. We are ADR Claims, providing car owners with appraisal services for easy claim settlement.
Before learning about appraisal, you need to know what diminished value is. So, in case your car is involved in a severe accident, its market value drops significantly, and even if you get the vehicle repaired, its market value remains lower than its pre-accident price. The contrast between the estimated price of your precious vehicle before and after it is involved in a severe accident is the diminished value.
For instance, if your car was worth $39,000 before the accident, and after the accident, its value drops to $31,000, then the difference of $8,000 is the diminished value california.
Based on the car’s condition after its accident, the vehicle can hold 3 different diminished values.
It is the leftover amount between your car’s market value right before and after the accident, without getting fixed. Suppose your vehicle is worth $39,000, and immediately after an accident, the value drops to $31,000; then $8,000 difference is the immediate diminished value.
Once your car is involved in an accident, you can get it repaired with high-quality or substandard parts. Suppose you can’t afford original parts and choose the substandard ones. This will further decrease the market value of your car. Then the difference between your car’s estimated market prices prior to and after its repair is the repair-related diminished value.
Suppose your car was worth $31,000 after the accident, and after repairs, its market value further decreases to $25,000, then the $6,000 is the repair-related diminished value of your car.
Even after being repaired to its pre-accident condition, a car doesn’t attain the market value it had before the accident. This is only because your car recently had an accident. In this situation, the contrast between your car’s market price before the accident and after repairs is its inherent diminished value.
If your car has a market value of $39,000 and meets with an accident, after which you repair it with high-quality parts, it may still be worth $37,000 or $38,000, but not $39,000. So, the difference of $1,000 to $2,000 is the inherent diminished value.
Now, let’s discuss how to file a diminished value claim, and after that, we will learn about diminished value appraisal Orange County, CA.
The first thing to do in order to file a claim after an accident takes place is to check the claim-filing process. Different insurance companies can have different processes. Online, physical, and mail submissions may also differ from each other in every company.
You need to contact the police and tell them everything about your car accident. An officer will visit the accident spot as soon as possible, assess your car, and file a report.
After calling the police, collect evidence that proves your car’s diminished value. Photographs of the car's damaged areas, estimates from repair shops, car ownership documents, etc., can be the evidence, and they will help you present a strong case against the insurance provider and negotiate for a fair payout.
Finally, call the insurance company and let them know about the car accident and that you are filing a diminished value claim. Following the call, send the insurers a demand letter that includes all the car accident-related documents and your claim.
The company sends an adjuster; cooperate with them as they assess your car and decide the settlement amount. If their offered settlement amount is lower than your requested amount, you can negotiate for a fairer payout.
You should take this step before calling the insurance company. Contact a professional independent appraiser like ADR-Claims and get your car appraised with their services. They will thoroughly assess your car and provide you with a detailed report that will include the accurate market value of your vehicle. You should send this report to the insurance provider with other relevant documents.
We are ADR-Claims, a team of independent appraisers who help people navigate through the complexities of car accident claims Orange County. From appraisal clause and arbitration & umpire to lease return inspections and total loss car appraisal Orange County, CA, we offer various services to car owners at affordable prices.
