It is no surprise that your car’s value declines significantly after you have been involved in an accident. Even if the repairs made to your car restore the vehicle to as good as new, the resale value will not be the same as it would if you remained accident-free. However, there is a way to combat this issue. Filing a diminished car value insurance claim is a way to recover the difference between the value of your car before the accident and after the accident with repairs. Gathered are some important informational points to guide you through this process:
- If you are at fault for the accident, you cannot file a diminished value claim against yourself. However, nearly every state allows you to file a claim requesting reimbursement for the diminished value of your car if someone else causes the accident.
- To file these types of unique insurance claims, you must seek a professional appraisal. This will allow the at-fault party’s insurance carrier to determine the diminished value of your car if you were to try to sell it right now. This calculation is determined by using pre-accident party value online resources such as Kelley Blue Book to determine pre-accident verses post-accident values.
- The next step is requesting the diminished value from the at-fault party’s insurance carrier. This process is complex, and will likely involve multiple requests and negotiating.
- If you find that you are not satisfied with the results of your request, you may need to take legal action to receive the compensation you deserve.
Serving Carrollton, Coppell, and all of Texas, contact Mike Leonard Insurance Agency for all of your auto insurance needs. If you are looking to file a diminished value insurance claim against the party who caused your accident, feel free to give us a call so we can guide you through this complex process.