Do I have to keep my car while I wait to settle a diminished value claim?
Free Insurance Quote Comparison
Secured with SHA-256 Encryption
UPDATED: Dec 17, 2011
It’s all about you. We want to help you make the right legal decisions.
We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about legal topics and insurance. Our goal is to be an objective, third-party resource for everything legal and insurance related. We update our site regularly, and all content is reviewed by experts.
Insurance Question from Deltona, FL
Asked on 12/17/2011
Do I have to keep my car while I wait to settle a diminished value claim? I am submitting a diminished value claim to the at-fault driver's insurance company. My car has been repaired but I don't want to keep it; I want to trade it in. Do I have to wait for the claim to resolve first?
Answer given on December 19, 2011
It is possible to get a trade in offer on the car and use that in your claim for diminished value…that is, if you plan to tell the trade in dealer that the car was wrecked (which will surely drop your value). Read our article on Diminished Value and Car Insurance. It may help you with your claim against the at-fault driver’s insurance carrier. Each insurance company’s claim process is a little different. Getting rid of the car may negate you from claiming diminished value. Ask them how long will it take to determine the validity of your diminished value claim. It should not take long at all. If a week or so. I would wait it out and then sell the car.
IMPORTANT NOTICE: These answers are for general information purposes only and are provided by the person answering and FreeAdvice.com AS IS. It has not necessarily been reviewed by the management staff of FreeAdvice.com nor is it binding any insurance agent, broker, or other insurance professional or any attorney or insurance company. Insurance laws, regulations and practices vary from state to state and insurance policies and practices differ from company to company, by type of policy, by state and locality and by type of insurance. Tiny variations in the facts, policy language or a detail not set forth in a question often can change the outcome or a professional's conclusion. Although FreeAdvice.com has confirmed that the answer(s) was/were provided for the account of an experienced insurance professional, that professional may not be licensed in the state referred to in the question, and may not be experienced or up to date in the subject area. Unlike the answers provided here, upon which you should NOT rely, for personal advice you can rely upon we suggest you consult a licensed insurance professional in your area or retain a licensed attorney listed on AttorneyPages.com to represent you.