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How to File a Diminished Value Appraisal Claim

Page history last edited by steve rogers 10 months, 2 weeks ago

 

When a vehicle has been damaged in an accident, the resulting damage can cause it to lose value. This loss in value is known as Diminished Value. Insurance companies are required to pay diminished value claims under certain circumstances, but they may dispute them. This is why it is important to have a qualified diminished value appraiser on your side. Our experienced team will work with you to get the compensation you deserve.

 

The first step in filing a diminished value claim is to determine the value of your vehicle before the accident. You can use tools like Kelley Blue Book to accomplish this task. Then, you will need to compare your car’s value before and after the accident to determine the diminished value. It is important to remember that your standard auto insurance policy will probably exclude coverage for diminished value, so you will need to file a third party claim with the at-fault driver’s insurance company.

 

Most insurance companies will use a formula to calculate your vehicle’s diminished value. This formula is typically called 17c, and it gets its name from the Georgia case that established the method. The formula is based on the pre-accident value of your car, a cap, a damage multiplier, and a mileage multiplier. You can find online calculators that will help you figure out your vehicle’s diminished value, or you can hire an appraiser to assist you.

 

It is also important to note that a diminished value appraisal does not cover repair related diminished values. Repair related diminished values are when your car’s value decreases because of repairs that were not completed properly. This is often because a repair shop was not able to locate original manufacturer parts or the repairs were incomplete.

 

A quality diminished value report will include detailed photos of your vehicle, the damage estimate, and the inspection. It will also list the current market and retail value of your vehicle. This information will be used by an adjuster to assess the value of your claim.

 

The insurance adjuster will then make a decision on your claim. If they approve your claim, they will send you a check for the agreed upon amount. If the adjuster denies your claim, you can appeal their decision. However, it is important to follow the process exactly as outlined by your insurance company in order to increase your chances of success. It is also important to have a knowledgeable attorney on your side to help you through this process. Contact us today to learn more about our services and how we can help you with your diminished value claim. Our initial consultation is free. We can discuss your situation and provide you with a recommendation on how to proceed. We look forward to hearing from you.

 

 

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