Diminished Value Claim | How to Qualify
Diminished Value Claim | Diminished value claim is the difference between the market value of your damaged vehicle before the damage and after the repair. It’s actually that part of the vehicle that has not been repaired. Normally, you will file for a diminished value against the insurer of the fault party and not your insurer. If you are not sure how to go about it do not hesitate to contact Southern Automotive Consultants.
All cars that are damaged and repaired in Charleston, SC, and Atlanta, GA often suffer some amount of diminished value. However, it’s not a must that you can file for diminished value for all damaged cars. Some of the things to consider include how the damage occurred, whether it was your fault or not and the state in which you live. Remember, not all vehicles that have been damaged and repaired qualify for this. For instance, if your vehicle was not worth much or if the accident did not inflict a lot of damage, it will not qualify for this. Also, the amount that the car decreases in value may be too small to file a claim.
If you want to file for a diminished value, it’s important to prove your claim with supportive documentation. You can do this alone or hire a private company such as Southern Automotive Consultants to do it on your behalf. Even if you do this, it’s possible that the insurer may argue about the same. It’s not a must that the insurer pays you for diminished value. It must first prove that your car’s market value diminished after the accident. The best thing to do in Charleston, SC, and Atlanta, GA is to talk to your claims adjuster.
When the repair is estimated to be over 70%, the insurance company may render the vehicle as a total loss. Before doing anything, you need to check the value of the vehicle at any websites such as www.kbb.com or search at www.cars.com for similar vehicles with the same mileage and then finally call Southern Automotive Consultants, who are professionals and know what your car is worth.
If you’ve been in a car accident in the past 3 years, your insurance company probably still owes you money that you never collected! You probably weren’t told about it, but in most cases you’re entitled to collect “Diminished Value” (in addition to repairs) on your damaged vehicle…and it could be thousands of dollars! Contact us today to see if you qualify for a diminished value claim.
- South Carolina Offices: 678-794-2878
- Atlanta Offices: 404-392-4822
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