Diminished Value What Most Insurance Companies Don T Want You To Know

Diminished Value What Most Insurance Companies Don T Want You To Know

If you​ have been in​ a​ car accident with a​ newer car that was not totaled but received a​ significant amount of​ damage,​ you​ may be entitled to​ more money than you​ know about. Most insurance companies won’t tell you​ that you​ may be able to​ get a​ significant amount of​ money for a​ diminished value claim. Many people do not even know what diminished value means.

Diminished value is​ the​ difference in​ value between a​ vehicle with an​ accident history,​ and the​ same vehicle without an​ accident history. Diminished value is​ the​ monetary difference between a​ car’s pre-accident value and its value after the​ accident – the​ automatic loss in​ value from a​ collision. Diminished value is​ very hard to​ prove,​ so many times you​ need to​ hire an​ attorney who handles diminished value claims,​ depending on​ what state you​ live in.

Diminished value exists as​ a​ real concept in​ the​ insurance world and it​ is​ paid all throughout the​ country. Diminished value is​ the​ best-kept secret that your auto insurance company hopes you​ never learn. Diminished value is​ a​ reality,​ even in​ cases where repairs eliminate all visual evidence of​ damage. Diminished value is​ most pertinent in​ relation to​ late model cars that have low miles and have suffered structural damage. the​ amount of​ repair related diminished value is​ determined by the​ overall quality of​ the​ repairs.

Diminished Value and Insurance

Insurance companies generally do not acknowledge the​ right to​ recover diminished value. Insurance companies would have you​ believe they are your advocates when in​ reality they are your adversaries. Insurance companies promise to​ restore your vehicle back to​ its pre-accident condition,​ but fail to​ define exactly what that means. Nowadays,​ a​ vehicle’s crash history is​ easy to​ track online,​ and a​ history of​ an​ accident can cost a​ vehicle owner thousands of​ dollars.

Diminished Value and Accidents

The fact that it​ has been involved in​ an​ accident and repaired causes your vehicle to​ have diminished value. it​ has been estimated that 55% of​ consumers would not buy a​ car that had been in​ an​ accident. Although your body shop does an​ excellent job and your vehicle looks as​ good as​ it​ did before the​ accident,​ having been in​ a​ collision it's now much less desirable if​ you​ should decide to​ sell it​ now or​ down the​ road. if​ you​ list your car for sale in​ the​ newspaper for the​ Kelley Blue Book Value,​ the​ first thing a​ buyer will ask is​ “Was this car in​ an​ accident?” if​ your beautiful late model car sustained structural damage,​ or​ was repaired with cheap foreign parts,​ your buyer will likely not pap the​ same value for it​ as​ they would have before the​ auto accident.

Diminished Value Appraisal

It has been my experience that it​ is​ key to​ get a​ good appraiser to​ value the​ car once the​ appraisals are done.

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