Here is the 411 on diminished value claims. In ALL states, third-party diminished value claims are allowed. Only in GA can you claim DV against your own company.
It is up to you to prove the diminished value by either hiring an auto diminished value appraiser or DIY with comparisons that you can find online. Insurance companies will typically lowball or even deny these claims so, if you have hired an independent appraiser, make sure they also act as your advocate with advice on how to gain traction with your claim.
RULE OF THUMB: If minor to moderate damage with no structural (frame) damage or airbag deployment, DV will typically be 10%-15% when you go to sell or trade your car. If structural or airbags occurred, that percentage jumps up to a 30%-50% loss in your car’s value.
Legitimate appraisers confirm their opinions by speaking to multiple sales managers at new car dealerships for their unbiased opinions to confirm their own figures. Stay away from appraisers using formulas, algorithms, book value comparisons and online ad comparisons.
Do not fall for the abundance of misinformation used by insurance companies to sidestep their responsibilities. Some of these are “That you haven’t experienced a loss because you have not actually sold your car”, “Comparing online asking prices (and the other invalid methodologies)”, “Properly-repaired vehicles do not lose value”, etc.
Sometimes, things go smoothly but most often they tend to be sticky with some back and forth between you and the claims people. Your appraiser should advise you how to respond properly. Stick to what you know is fair, keep tight records, make all your correspondences in writing, and, if the insurer forces you to litigate, at least pay an attorney for an hour of his or her time to help you avoid the pitfalls that you may encounter in court.
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