What Is a Diminished Value Claim?
Once your vehicle has been repaired, you still could have a Diminished Value (DV) Claim. This is the reduced value of your vehicle due to the fact that it was involved in a car crash. Any vehicle will be worth less to a prospective buyer if it was involved in a wreck. You are entitled to be reimbursed for this loss in value.
Your automobile must meet certain requirements to qualify you for a diminished value payment. You must show the following:
Your vehicle must have been worth $5,000 or more before it was damaged in the accident.
Your car must have required $1,500 or more in vehicle repairs caused by the crash.
At the time of the wreck, your vehicle must have been less than eight years old.
Your vehicle could have never been declared a total loss in a prior accident, and it could not have a salvage title.
You cannot have missed the statute of limitations to sue the negligent driver.
How Do You Prove Your Diminished Value Claim?
If you are smart enough to ask to be paid your diminished value claim, this does not mean that the insurance company will voluntarily pay you what you are owed. Chances are they will offer you a low amount, and you will have to prove the diminished value portion of your claim. How do you do this? You will need a report from a diminished value expert to convince the adjuster of the value of your claim. Let DVAC help!
