3 Things You Need to Know About Diminished Value Claims
Filing a claim for diminished value could result in compensation for the lost value of your vehicle. But do you know how these claims work or what you need to do for your claim to be successful?
Here Are Three Things You Need to Know About Diminished Value Claims
The value of your vehicle before the accident will give you a good idea of the compensation your claim could bring. Compensation will take time to receive and your claim will require a valuation report prepared independently by a certified appraiser. Read on to find out more.
Not All Vehicles or Accidents Warrant Filing For Diminished Value
The higher the value of your vehicle before the collision occurs, the greater the loss of value you could suffer after. Many insurance companies will only consider the diminished value of up to 10% of the value before the collision. So, if your car was worth $15,000 before damages, the most you could recover as the diminished value would be $1,500. A vehicle that was valued at $1,000 before the collision could only hope to recover $100 in diminished value.
Payouts For Diminished Value Don’t Happen Overnight
Any claim you file will need to follow a process and will take some time. Often, a settlement can be reached within three to six weeks of the claim being filed. The insurance company will then need two to four weeks to provide payment on the claim.
Getting an Independent Appraisal When Filing for Diminished Value
Your diminished value appraisal report will be more useful if it is completed by a professional appraiser who has expertise in valuing vehicles after a collision has occurred. Insurance companies will be more likely to accept your claim and your claim will probably take less time to decide.
At Casas Law, we specialize in West Palm Beach, Florida, diminished value claims. If you still have questions about diminished value, contact us today because we have answers. Let Casas Law handle your diminished value claim on your behalf.
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