If your car has recently had an accident, its market value will be reduced even after getting it repaired with top-quality parts. But why so? It is only because now your vehicle has an accident history, and buyers will hesitate to purchase it.
Ok, but isn’t there a solution to recover the lost market value of your beloved ride? Fortunately, there is. If you are a Kansas resident, and your car was damaged, you can use a diminished value claim in Kansas and recover the loss.
But wait! What is this Kansas diminished Value Claim? If you are confused and have the same question, go through the complete blog, and you will have all the knowledge about it before you know it.
To Learn what a diminished value claim is in Kansas, you first need to understand the diminished value. So, when your car is damaged by an accident, its market value is reduced. The difference between the pre-accident and post-accident value of the vehicle is diminished value in Kansas, also described as a diminution of value in Kansas.
For instance, if your car was priced at $60.000 and is worth $50,000 after an accident, its diminished value is the $10.000 drop.
Now, a diminished value claim in Kansas is the right to recover your loss. Of course, there are some limitations to this. You need to file a Kansas diminished value claim within 2 years of the accident. Only third-party claims are allowed; you can not pursue a diminished value claim yourself.
There are 3 different diminished values in Kansas:
The difference between the market value of your car after an accident and before its repair is the immediate diminished value. If you have a $60,000 car and after its accident, the new value of your vehicle is $50,000. Your car’s immediate diminished value is the $10,000 difference between its pre-accident and post-accident value.
Inherent diminished value is the difference between the market value of your car before the accident and after its repair. If your vehicle is worth $60,000 and after repairs, its market value is $55,000, the $5,000 difference is its inherent diminished value. You can recover this loss using a diminished value claim in Kansas.
Sometimes, your vehicle’s market value is further reduced after repair. It happens when your car is repaired with substandard parts, which means your vehicle is fully functional but is't restored to its original condition.
If your car is worth $60,000 after an accident and post-repair, its value further reduces to $40,000; the $20,000 drop is repair-related diminished value.
The following factors affect the diminution of value in Kansas:
If you want to learn how to file diminished value claims in Kansas, the following steps will help you. But first, you need to ensure that the accident wasn’t your fault, not even partially.
First, you need to hire a qualified, independent appraiser, as they will calculate your vehicle’s value before and after the accident. This appraisal serves as critical evidence when you file a diminished value claim in Kansas.
Collect all the documents that will support your Kansas diminished value claim. This includes photographs of the damage before and after repair, an appraisal report, and repair documents. Organize all the documents to present a strong case against the insurance company.
Contact the at-fault driver's insurance company and let them know that you are filing a diminished value claim. Submit your documents and the demand letter.
Finally, negotiate with the insurers for the best diminished value. They will try to minimize the payout, but present all your evidence and demand a fair settlement.
Get legal assistance for support if the insurance company refuses to give the amount you demand. Hire a lawyer experienced in diminished value claim cases.
By now, you might have understood why the Kansas diminished value claim is important. However, if you didn’t, the claim of diminished value in Kansas allows you to cover the decrease in a vehicle’s resale caused by the accident.
As we mentioned, there is no specific formula to calculate a diminished value claim in Kansas. It means insurance companies have a great opportunity to lower your diminished value and offer the minimal amount possible. So, what to do? You can calculate your vehicle’s pre-accident value and post-repair value. The difference will be the diminished value. A qualified appraiser can help you in this situation. So, a higher one.
At ADR-Claims, we are professional appraisers in Kansas and will help you throughout the process. So, if you didn't understand how to file a diminished value claim and get a fair settlement, no need to worry. We offer many other services, such as appraisal clauses, total loss value appraisals, repair disputes, stated value appraisals, etc.
Still waiting for the right time? Call us at 866-659-5146 right away for your free quote.
Our quick and simple appraisal process can help you recoup vehicle-related losses.
