Do You Qualify For Diminished Value?
What Are The Qualifications?
All vehicles that are damaged and repaired suffer some amount of diminished value. However, not all situations qualify to make a claim to an insurance company to be compensated for diminished value.
Some of the determining factors include: the state in which you live, how the damage occurred, and whether or not you were at fault.
What If I Don’t Qualify?
Even if you don’t qualify to make a claim to an insurance company, you may still benefit from having an appraisal done. This may allow you to take a tax deduction if you itemize your deductions, for an unreimbursed casualty loss. See your tax advisor for details. Also if you live in a state where you pay Ad Valorem taxes to renew your tags each year, you can have the value of your vehicle reduced which would lower the tax you have to pay.
Once I Qualify, What’s Next?
Once you know you qualify to make a diminished value claim, the next step is determining how much you’re owed, what the process is and how our services can help you through this process.