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Your car is likely to lose its value if it has been involved in an accident or other mishap (which is not your fault). This reduction in the worth of the vehicle is known as Diminished Value. Despite you have got it repaired, potential buyers as well as dealers value your car less because of the accident tag attached to it.
Diminished Value Claim California helps you recover your loss that you had to incur while reselling the vehicle or trading it in for a different vehicle. No matter how well the car was repaired, its value diminishes because buyers usually pay less for a car that has a history of damage.
Diminished Value has three primary types. Each type depicts how your car loses value at different stages after a collision.
This is the most common type of diminished value in California. A car loses value because it has a record of being involved in an accident, no matter if it was repaired perfectly. Buyers and dealers offer less value for it, because of its track record of an accident in the history report.
The moment the accident happens, the vehicle’s value drops before any repairs, which is known as immediate diminished value. Most commonly, this type of California diminished value is used for judicial purposes and not insurance claims. That’s because the insurance company usually covers the repairs that are included in your policy.
In repair-related diminished value, low-quality repairs after an accident bring down the value of the car. The use of aftermarket products instead of genuine and authentic parts, and mismatched paint jobs are some examples of substandard repairs.
This also means that the car has lost its former glory and can’t be restored to its original form. In addition to the accident tag, poor repairs make the car lose more value.
Why is it challenging to file a diminished value claim in California? It’s because, unlike other claims, here you are responsible for proving how much the car’s value has dropped.
In case you are proven to be guilty of the accident, the chances of getting approved for the claim are slim. If the accident is due to the other party’s fault, then you can file the claim with their insurance company.
This may include
Note- an appraisal report is the strongest piece of evidence supporting your diminished value claim California AAA.
Once you have completed all the prerequisites provided by the insurance company, it's now time to file your claim. With all steps in place, your chances of getting approved increase.
Filing and getting approved for a diminished car value California claim is a time-consuming process. And there is no guarantee that you will be successful in it. Therefore, before you get started with the process, it is important to consider:
If the accident was due to your negligence, then your California diminished value claim will be outrightly rejected.
Things can get tricky if you are involved in an accident wherein the opponent doesn’t have vehicle insurance. However, if your policy contains uninsured motorist coverage, you have some chances to receive compensation.
Every state has different policies regarding diminished value claims.
Please note: Each state has a different time limit for filing a diminished value claim.
Diminished Value Claim is not only quite challenging, but it also requires deep knowledge of the process to get approved. Professional help can simplify the process and make it easier to get the compensation you deserve.
Receive the compensation you deserve! For expert assistance, contact us today!
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