Welcome to ADR-Claims, where we are committed to making your insurance claims process as smooth and fair as possible. Our mission is to ensure that you receive the equitable settlements you deserve through our expert appraisal services and unwavering dedication to integrity and professionalism.
The simplest explanation of diminished could be- it is the difference between the current and the value before the accident. A diminished value claim allows claim allow to recover fair compensation for your loss, if the accident wasn’t your fault.
The first thing that happens naturally after a collision- is the repair of the vehicle on an urgent basis. However, the situation takes a challenging turn when your car loses value at the time of resell. Let’s not forget, any potential buyer or dealer, when comparing two cars of the same make and model, won’t choose the one with a collision history. The obvious choice would be the accident-free car. Or in case they had to pick the repaired one, they would definitely pay less for it.
Diminished value is something that shouldn’t be ignored. It is because it is the direct effect of the accident, just like any personal injury. The Diminished Value Claim California provides you with an excellent opportunity to recover for your loss. However, it is based upon where you live, who is responsible for the collision, and the specifications of your insurance policy.
Typically, a diminished value claim is fulfilled by the at-fault driver's insurance company. When approved, you are entitled to a sum anywhere between a few hundred and thousands of dollars.
The key steps to file the claim are as follows:
The repair-related charges will be borne by the insurance company of the driver who caused the crash. So, you will be terms to them for the same.
Do not miss out on paperwork. From the date of the accident to final submission, it is important to have documents at every step of the way.
Use various diminished value calculators available across the web to determine your loss. This could be tricky and confusing at the same time. Getting a professional appraisal will be of great assistance. The appraiser will:
The report acts as the strongest piece of evidence backing your case. In case there is a claim rejection and you choose traditional litigation- the appraisal report will serve as a critical document in court.
Contact the insurance company that you are to file a third-party claim
A third-party claim is filed by those who are not directly insured by the insurance company.
Negotiate
Insurance companies are a tough nut to crack. For you, it's a rare occurrence, but for them it's a routine (and a kind of loss). So, they try everything to reject or settle for less. Therefore, it becomes necessary to have a careful understanding of the diminished value law and your rights. This helps you present yourself confidently and receive a fair amount that you deserve.
To increase your chances of getting approved, it is always advisable to meet a specific criterion for claim submission. The better the timing, the higher the chances:
In addition to that, do ensure that you have filed the case within the statute of limitations in your state. Take note- every state has a different timeline, most commonly it falls anywhere between two to six years from the date of the accident.
Diminished value is further classified into two types, including
This is the most common type. This simply means your car lost value because it was a part of a crash. Another car of the same make and model, but with a clean history, will be resold for more. This diminished value can also be called stigma value. It’s because an accident is often public knowledge, and potential buyers and dealers deem such a vehicle less valuable.
First of all, not everything is repairable. Secondly, due to low-grade repairs, your car misses out on visual appeal and performance. This also reduces its value. After all, first impression is the last impression. A car that looks bad definitely will leave a negative impression on potential buyers.
A car crash is already a very stressful instance- even if you weren’t at fault. Losing your vehicle, getting it repaired, only to receive the unwanted gift that it's worth less! Diminished Value Claim is here to protect your rights. Among the many discomforts the accidents cause, this is one comforting way to gain back on the financial loss for a mistake that you didn’t make.
To learn more about diminished value claims and find out where you stand- Contact ADR-Claims Today!
