Are you calling your insurance provider to file a diminished value claim in New York? It is most probably the very first thing you do after your car is involved in an accident. But do you know how the claim process works? It is a complicated process that involves taking several steps. And that is why you need to know everything about it; although even after that, you may require professional assistance. We are ADR-Claims, a team of appraisers, and we help car owners with diminished value claim settlements. Here, we teach you about the process. So let’s start.
When your car is involved in an accident, its value reduces. The reduction in your car’s market value after its accident is called diminished value. For instance, if your car is worth $100,000 and after an accident, its value reduces to $80,000, the reduction of $20,000 is its diminished value. A diminished value claim is a clause in the insurance policy that allows you to invoke an appraisal and receive the lost market value of your car from the insurance company.
After your car is involved in an accident, it can have three diminished values, depending on whether it is repaired or not, and whether it is repaired with poor-quality parts or original parts.
Immediate diminished value is the contraction in your car’s market value before and right after its accident. Suppose your vehicle is worth $100,000. After its accident, the value drops to $80,000. Then the $20,000 difference is the immediate diminished value of your car. Remember, at this moment, you have not gotten your vehicle repaired.
The repair-related diminished value of a vehicle is the difference in the car’s market value after the accident and after the repair. When your vehicle is involved in an accident and you get it repaired with substantial parts, it causes a further drop in the car’s value. Suppose your vehicle is worth $80,000 after an accident. It is restored with poor-quality parts, and its value further decreases to $50,000; then, the $30,000 difference is the repair-related diminished value.
After a car is involved in an accident, it can not have its original market value even if fixed with original parts. It is because now the vehicle has an accident history. In this situation, the difference in your car’s market value before the accident and after the repair is its inherent diminished value. Suppose your $100,000 car is worth $90,000 after being fully restored to its pre-accident condition. The $10,000 difference is the inherent diminished value of your vehicle.
Filing a diminished value claim isn’t as easy as it seems. We have mentioned some points below to help you navigate the process.
A New York diminished value claim is filed against the at-fault driver’s insurance company. So you need to establish that you are not at fault for the accident.
Gather all the relevant documents related to the accident. These can include a police report, the at-fault party’s insurance information, and detailed repair estimates. You should also take photos of your car.
Inform the at-fault driver’s insurance company that you are seeking compensation for diminished value and are filing a claim. Provide them with all the requested documents and stay in touch with the insurer.
The insurance provider will most likely offer a lower amount for your damaged car; negotiate with them to receive a fair settlement.
If you accept their settlement amount, accept their offer so you can receive the payment.
If the insurer refuses to give a fair settlement amount for your car, and negotiation does not work, use the following two tips.
An accurate diminished value appraisal report can help you receive a fair settlement. For this, hire a certified appraiser after your car is involved in an accident. They will evaluate your vehicle and provide you with an appraisal report. Include this report with other documents and give it to the insurer when filing the claim. The report will help you present a strong case to the insurer.
If the insurer refuses to offer a fair settlement even after you present them with an appraisal report, hire an attorney. It would be better to choose a lawyer experienced with diminished value claim cases. They will present your car in the court and fight for your settlement amount. It can lengthen the claim settlement process, but it will increase the chances of you getting a fair settlement.
The claim is approved in the following situations.
At ADR-Claims, you only get fair auto appraisals and nothing else. Let us evaluate your damaged car and determine its fair market value.
We have a team of expert appraisers who can thoroughly check your car and provide you with an accurate appraisal report.
We always employ a customer-centric approach and tailor our services to your specific needs, ensuring 100% satisfaction.
To ensure that our clients know everything about the appraisal process and its findings, we maintain clear communication.
From start to finish, we provide full support to our clients and help them in filing a diminished value claim.
Our appraisal reports are backed by thorough research and expert analysis, guaranteeing your car’s fair market value determination.
We have a long history of resolving claims and securing fair settlements for our customers and earning their trust.
Do you ask how to file a diminished value claim in California? Then, allow us to help. We are ADR-Claims, a team of certified and experienced appraisers. We provide you with a detailed and accurate appraisal report and guide you to navigate the process of a diminished value claim in New York. At every step, from start to finish, we stay with you. Contact us to book your auto appraisal.
Our quick and simple appraisal process can help you recoup vehicle-related losses.
