Diminished Value Claim
What is diminished value claim and how can it help me in the event of an accident? ABC News 11 did a special report on what a diminished value claim is and how you can use it to get the most back.
What Does Your Car Accident Owe You?
If you drive to work or school, you likely see a fender bender or a serious traffic accident every day. And from a statistical standpoint, most drivers will encounter some degree of a car accident at some point.
Most of us know that once a vehicle gets damaged, the overall value plummets. However, many drivers are unaware that they can hire an independent appraiser to determine the extent of the devaluation, known as diminished value claim.
Your car insurance company will send their appraiser out, but they likely are going to offer you a low valuation to limit how much they need to pay out to you. Instead, CK Appraisals can provide our expert reporting to determine what your vehicle is truly worth.
If you take the first value that your insurance company is pitching, you might discover that you’re leaving money on the table. Instead, we can help you know for sure what your car is worth even after a traffic accident.
What is a Devaluation Appraisal?
After a vehicle gets damaged, the insurance company is required to cover as much of the repair fees as their policy dictates. As a result, your vehicle subtracts the overall cost of repairs and removes it from the total book value of your car.
However, if an insurance appraiser determines that your vehicle has received a steep devaluation, they will likely offer less than what they should to keep their payment costs low. Unfortunately, that means that you are going to cover more of the repair fees out of pocket, and your car remains undervalued.
Instead, we offer expert devaluation appraisals to mitigate lost value amounts and get you more covered costs in the process. However, before you submit your diminished value claim, there are other factors to cover first.
In addition to you not being the cause of the accident, you’ll need the final repair bill, and there’s a statute of limitations of three years. By contacting us immediately after your accident, we can best fight for your claim.
Diminished Value Claims is Your Entitlement
What most drivers aren’t aware of is that everyone remains entitled to a diminished value claim from their insurance company. It is not an additional policy that you need to obtain, and part of your payments already goes towards the reclaimed amount.
Unfortunately, most companies act in their best interests instead of their policy customers. As a result, they may not make that information clear.
Filling a diminished value claim can soon get challenging, and many drivers turn to an attorney for help. Unfortunately, lawyers are expensive to hire, and they may wind up spending the entire reclaimed amount on legal services.
Instead, our team makes it simple to see what your vehicle is worth, and what your insurance company should owe you. Without us, you’re only leaving more cash behind after your accident.
Don’t let your policy skimp out on your compensation. Contact CK Appraisals today for the most accurate diminished value claims.