Did you recently have a car accident in Mississippi? What did you do after that? Approached the medical facility and called the insurance company to recover the loss, we assume. It is right and what most people would do. But what kind of insurance will help you recover the loss? Unaware of it? If your vehicle gets damaged in an accident, a diminished value claim in Mississippi can help you recover the loss.
When your brand-new car suffers an accident, its actual market value decreases. The difference between your car’s pre-accident value and new market value is known as diminished market value in Mississippi. For instance, if your $35,000 Alfa Romeo Tonale gets damaged and is now worth $25,000, the $10,000 drop will be its diminished value in Mississippi.
The immediate diminished value refers to the new market value of a car after an accident, and before repair. If your $35,000 Alfa Romeo Tonale is priced at $25,000 prior to repair, then $10,000 is its immediate diminished value in Mississippi. In this situation, you can file an immediate diminished value claim to recover the loss.
When your damaged car is repaired, no buyer will offer the same value it had prior to the accident. It remains the same even if your vehicle is restored to its original condition because your car has now suffered an accident. The difference in your car’s market value before the accident and after repair is its inherent diminished value. When your vehicle was worth $35,000 before the accident, and is now worth $30,000 after repairs. The $5,000 drop in the market value is your vehicle’s inherent diminished value.
It’s no secret that after an accident, your car’s value will decrease. However, if it’s poorly repaired, its market value will reduce even further. If your $35,000 car was worth $25,000 post-accident and is poorly repaired, after which its value reduces to $20,000, the difference of $5,000 is repair-related diminished value in Mississippi. The repair-related diminished value claim in Mississippi can help you recover this loss.
Mississippi diminished value law says that when another driver is at fault, you are eligible to seek diminished value compensation from their insurance company. If the at-fault driver is uninsured or underinsured, you may claim the diminished value under your motorist coverage. From the moment of the accident, you have 3 years to file a diminished value claim in Mississippi.
The following steps will help if you are confused about how to file a diminished value claim in Mississippi.
Ensure that your car’s market value is reduced only due to an accident. You should also be sure you are not at fault for the accident.
We advise obtaining an appraisal of your damaged car from an independent appraiser. This appraisal report will estimate the loss in market value of your car after its accident.
Gather all the necessary documents that will empower your diminished value claim case. The evidence will include photographs of the damage before and after the accident, repair records, appraisal reports, police reports, etc.
You need to submit all the documents to the at-fault insurance company and collect your insurance. If you don’t know how to submit a diminished value claim in Mississippi, your hired appraiser company will guide you through the process.
Finally, bargain for the best possible diminished value you can get from the insurance company. They are business-minded and will likely offer the lowest payout possible.
You should seek legal help if a negotiation fails. Consider hiring a lawyer specializing in diminished value claim in Mississippi.
Insurance companies mostly resist paying a diminished value claim in Mississippi because it increases their payouts. They can fight you over 3 points
3 factors affect the Mississippi diminished value claim:
Your vehicle’s diminished value will change depending on how severely it’s damaged. For instance, if it doesn’t suffer significant damage from an accident and the market value is not reduced much, the diminished value will also be low.
The vehicle’s type, age, and overall condition before its accident heavily affect the diminished value. For instance, if you had a BMW, its diminished value would be high because it’s a luxury car and should be flawless.
A top-class repair doesn’t mean that your car will have its original market value even after it is restored to its previous condition. However, a poor repair can definitely further lower the vehicle’s market value.
Here are a few mistakes that can ruin your diminished value claim in Mississippi:
Insurance companies are business-focused and would try to provide the lowest payout possible. You shouldn’t accept the offer without consideration and negotiate for a higher payout.
In Mississippi, one can file a diminished value claim within 3 years of the accident. Failing to file a claim within this period will mean losing your chance of recovering the damage.
Comparative Negligence means that if the claimant is partially at fault for the accident, their compensation will be reduced, which many people are unaware of.
ADR-Claims is here to help you with the whole process of a diminished value claim in Mississippi. They are a team of professionals specialized in this task and will help you receive the best possible compensation at minimal charges.
Our quick and simple appraisal process can help you recoup vehicle-related losses.
