Your car with an accident history can reduce its value because potential buyers will not prefer to buy such a vehicle. Fortunately, you can recover this loss by filing a diminished value claim California. Take the right step and do not accept what an at-fault driver’s insurance company offers you!
What can be more stressful than looking at your car after an accident? But what is even more frustrating is realizing that it has dropped its market value even if it is expertly repaired. The reason behind this loss is that most buyers refrain from buying such vehicles with a damaged history because they find it a riskier investment.
This lost worth is called diminished value California. It is the difference between the value of your car before the accident and its post-repair worth. While your car may look new after a perfect repair, the collision has made permanent marks on it that proper repair can’t erase.
Diminished value has three major types that you should know to proceed to the next step:
Immediate Diminished Value: This is a type that refers to the immediate loss in your car’s worth after the crash. Let us understand with a simple example:
Suppose your car’s recent market value is $30,000. Right after the accident, it might lose its value to $20,000 due to the present damaged condition. It happens before it is towed or repaired. It is called immediate diminished value.
Inherent Diminished Value: It is the most common type that refers to the diminished value California even after the vehicle is completely and properly fixed. Your car may look flawless and run well, but it no longer has the same value as it used to before the accident. It is because the dealers and private buyers do not find it a safe deal, and lower their offer.
Repair-related Diminished Value: This is a repair-related loss, which means a drop in the value of the car due to cheap or low-quality repairs. The buyers can see the visible signs of repairs, such as the use of incompatible parts or mismatched paint. These issues can result in no trustworthiness and reduce its resale value even more.
In California, fortunately, you can recoup some of the losses by filing a claim. The process of recovering the loss due to lower resale value after the accident is called a California diminished value claim.
Drivers who recently had a car repaired after a collision should understand their rights and know that they can recover the financial loss. Especially when they are not at fault, the claim can be filed against the other party’s insurer, not their own.
To successfully recover the compensation, you need to know how to file diminished value claim California. Here are some simple steps to help you out:
As per the California diminished value law, you need to be eligible to file a claim successfully.
This is an important step that can help make your argument stronger. Seek professional help by hiring an appraiser.
ADR-Claims specializes in offering high-end appraisal services for diminution of value California! We can help you by providing an unbiased report based on a detailed evaluation and essential factors. You can use this report as evidence and ensure that you get what you deserve.
You will need to collect some essential documents as evidence that can help strengthen your claim.
The final step is to submit your diminished value claim California along with all necessary documents. Sent it to the at-fault driver’s insurance company. The request for compensation must be clear and professional. Following prior steps can enhance the chances of approval.
Now you can follow up with their response. They can accept your claim or deny it. And, sometimes, they can offer you a lower payout. Make yourself prepared for the possible conditions and seek legal help if required.
If you wonder how to submit a diminished value claim successfully, you will need to write a demand letter that should include your personal details. You can summarize the accident and repair, and provide details about diminished value. Mention the amount of compensation in the request.
Send it via email with the necessary documents and an independent appraisal report. Make sure to keep records of all communication with the company.
Filing a diminished value claim California is not that complicated if you follow the right steps. But sometimes, there is a possibility of making mistakes that lead to delays or denials.
File your claim correctly by taking into account each factor. Get professional help from your trusted partner, ADR-Claims! We can help simplify the process and help you get the fair compensation that you deserve. For more details and expert assistance, contact us today!
Our quick and simple appraisal process can help you recoup vehicle-related losses.
