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Diminished value New Mexico is the loss in the market value of the car because it has been wrecked and repaired. Any buyer will not pay the same amount for a vehicle that has been damaged and repaired as they would for a vehicle with a clean history. No matter how well the repairs were done, the vehicle’s value drops because of the accident tag!
Only the car on display in a showroom is of full value! The moment it is on the road, its value decreases. In an unfortunate scenario of an accident, the car loses even more value. No matter how expertly it has been repaired. This is called diminution of value New Mexico.
Your car looks in great condition and performs perfectly after being fixed, but its diminished value cannot be restored. On the other hand, a car that has never been in an accident will enjoy a much higher resale value. This is where a diminished value claim New Mexico comes into play. It will help you regain the difference between the pre-accident and post-accident value of your car.
Our professional team of experts at ADR Claims will further break down the process of a diminished value claim in New Mexico. For additional information about services and how we can help if your car has been in a crash, call us at the numbers provided. Fill out our quick online form to book your first free consultation.
Diminished value New Mexico is the drop in the value of your car after an accident and the necessary repairs. However, repairs could be fair enough to cover up the dents and damages, but nothing can help in diminishing the value due to the collision tag.
The concept of diminished value and routine depreciation is entirely different. Depreciation is the gradual and consistent drop in the value of a car with the passage of time. Whereas, diminished value is a result of a sudden car crash.
Have you wondered how much your car was worth before the accident compared to its current market value? The difference in value- known as diminished value - is something you can recover through a diminished value claim. The claim amount can fall anywhere between a few dollars to a thousand dollars! No two claims are the same!
There are three types of New Mexico diminished value claims. The timeline when you choose to file the claim will determine what type of claim you will qualify for.
The name says it all! Immediately after the collision happens, your car loses value before any repairs are made. This type of diminished value claim is rarely submitted and approved. But it forms the basis for the other two types of claims. Additionally, appraisers use the immediate diminished value to establish the impact of the accident on the vehicle.
This is the most common type and filed once full repairs are made to the vehicle. When a car gets involved in an accident, it comes under the public eye and also gets registered in the car’s records. This creates a strong negative image of the car, reducing its appeal and market value.
Not every damage is replaceable! That is why repair-related diminished value is here to help. You can file for this particular claim when the car’s repair work is not up to standard, or a poor job is done by the body shop. Its claim helps you regain the loss in the value of the car due to sub-standard repair works.
Following a car accident, it is inevitable that you will look for options to recover your loss. Hence, the diminished value claim New Mexico comes naturally to your way. That said, the catch lies in understanding the complexities of the process and determining how to file diminished value claim New Mexico.
Here is a breakdown of some of the common factors that significantly affect your decision to file the claim.
Verify whether your insurance policy has any information or guidelines regarding the diminished value claim. Do forget to double-check everything for hidden or complicated information.
Typically, the insurance company of the at-fault driver is liable to pay for the diminished value claim.
In case the at-fault driver doesn’t have insurance, check with your insurance company if you can file a claim against your own.
The statute of limitations helps you determine what is included and excluded by the New Mexico diminished value law.
Three factors that play a key role in deciding what amount you are supposed to recover through your claim include:
You are not entitled to a diminished value claim New Mexico if you caused the accident. This claim only stands valid for the innocent party in the accident.
The simple and straightforward process of how to submit a diminished value claim.
Assess your car’s value before the accident- A professional appraisal will be of huge advantage to determine the pre- and post-collision value of your car. This is not only key evidence supporting your claim, but it is also useful in traditional litigation.
Explore your state-specific laws - the New Mexico diminished value law provides a liberal timeline of 4 years from the date of the accident to submit the claim. Understand the statute of limitations to learn what your options are for the claim.
Inform the insurer that you are to file the diminished value claim- Once completed with the preparatory stage, i.e,. A collection of necessary paperwork. It's time to notify the insurance company that you are filing a diminished value claim. There can be a few questions from their end before starting the proceedings.
Await their response- the insurance company will begin its procedure to inspect your vehicle and calculate a diminished value. They have a right to deny your claim altogether.
As per the law, you are not required to have a lawyer by your side to file for a diminished value claim New Mexico. But professional assistance helps you break down the complexities of the process- improving your chances of receiving the compensation you deserve! In case of complete denial by the insurance company- experts help you reach the court as the next valid step.
If you are dealing with a stressful accident that wasn’t your fault, let ADR-Claims lend support. please call us at 866-659-5146 or for more information about our services.
Our quick and simple appraisal process can help you recoup vehicle-related losses.
