Diminished Value

When you have an accident, are you getting everything that is owed to you?

Diminished value is defined as the perceived loss in value of a car due to the fact it was in an accident, even after repairs have been done. You can only claim diminished value if you were not at-fault and the other party’s insurance accepts liability.

If you are involved in an accident which is not your fault and the other party’s insurance pays for your damage, is that going to make you whole again? A little known fact is, the value of your car is lower just because it has been involved in an accident. You are entitled to that diminished value, but the other party's insurance company won’t tell you this. What do you do?

First, you will need to have the vehicle repaired and then obtain a diminished value report.  The dealership or shop where the repairs were completed should be able to provide this for you.  Once you have this report, submit it to the other party's insurance for review. This could amount to several thousand dollars so don’t leave it on the table. Once you sign the release, this is no longer an option.

If you are filing on your own insurance policy, they cannot give you the diminished value. You will still need to contact the other insurance company.

Let Us Help You

For more information on Diminished Value after an accident, contact Buckley Insurance Agency.

 

Posted 9:41 PM

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