Diminished Value Claim | Types Of Claimes

Diminished Value Claim | Have you ever had an accident so bad that your car was diminished? Isn’t that what all of us do after a massive accident? Well, you are wrong because all of those diminished cars still have value and they should be repaired to be used again because accidents can happen with anyone at anytime because accidents don’t tell us they are coming, they just happen.

What are diminished value claims?

Diminished value is defined as a portion of a vehicle which has not been restored by repairing it. There are 3 types of diminished values:-

1. Immediate diminished value:-

Immediate diminished value means that if a vehicle had an accident and he/she is paying for the insurance of the car, their car gets repaired by the insurance company using the immediate diminished claim. This is a quick service and it is better overall for anyone who has a damaged insured car.

2. Inherent diminished value:-

Inherent diminished value means that if a vehicle had an accident and that vehicle is not insured and it is repaired by a local car mechanic. Inherent diminished cars can be sold but their rate varies from car to car as they are damaged so they don’t have a good rate. This is also a good choice but only for those who haven’t got their car insured.

3. Total:-

A total car means that the car had a really bad accident and every single thing of the car has been destroyed or is not working. This is the worst case for car drivers. Even the insurance companies require some money from their client if the car is totalled and the drivers who didn’t insure their vehicle, they can sell the steel; metal and seats to some local workshop who is interested or the car needs to be fully repaired.

Value:-

All 3 types have some value. You purchased a car and even if it is totalled, you are going to get something out of it, maybe a couple of hundreds of dollars or maybe thousands but you can never lose hope and use the diminished car claim service.

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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Total Loss Claim | Get The Best Settlement For You

Total Loss Claim | It’s not uncommon for a driver to have a vehicle accident that causes the car to be classified as a total loss. Since different insurance companies play by different rules and guidelines, it is essential for vehicle owners to know how to handle these claims so that they can get the best settlement possible from their insurance company or the other driver’s insurance coverage. With this being said, here are some facts that people should know about total loss claims.

Fact #1 – Insurance Companies Work on their own Behalf and Not on Behalf of the Person that Makes Claim
Previous years, most people looked to their own insurance adjusters to make sure that they took advantage of the maximum benefits that they were allowed. In fact, the insurance agent would often skim through the policy of the individual to see what the policy said so that the person could be made whole as quickly as possible. Unfortunately, this is not always the case since today’s insurance adjusters are being trained to work on behalf of the insurance company instead. Therefore, when a car is considered to be a total loss, the adjuster may automatically offer the least amount to the owner. Meaning the owner will need to know that the offer that they present may not be the best settlement that they can receive. Most people refer to this tactic as low balling it rather than trying to give the vehicle owner an amount that is really due to them.

Fact #2 – Vehicle Owners Need to Do their Research in Advance
Even though the insurance agent is skilled in the job functions that they perform, it is important to note that the owner should be familiar with how claims are handled and how the numbers are being produced. For instance, in Charlotte, SC and Atlanta GA, the laws that govern how insurance coverage are handled by the insurance companies will often determine how these calculations must be made. So, for vehicle owners who want to make sure that they are getting the maximum amount for their total loss claim, they may want to start their research by pre-calculating the amount that is due via cash value appraisal calculator. These can be found on online. This type of calculator is designed to provide the user with calculations based on the criteria that the insurance companies use (i.e vehicle mileage, year of the vehicle etc.).

Fact #3 – Be familiar with the Total Loss Claim Process
In addition to calculating the cash value of the car that was totaled in advance, vehicle owners must be familiar with the total loss claim processes in their states as well as their insurance providers. In some cases, this information can be found online. For instance, the estimated cash value will be determined by the mileage on the car at the time of the incident, additional amenities on the car (burglar alarms, new tires, etc) and damage that was done at the time of the incident (excludes previous body damage).

If you’ve been in a auto 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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