how do i get my dimish value for my new car
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how do i get my dimish value for my new car
car accident insurance paid dealership saying car
cant be resold
Asked on May 4, 2018 under Accident Law, Indiana
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
You don't give any details of your situation. First of all, diminshed value is the automatic loss of value from an auto accident. These insurance claims allow car owners to recover the difference between a car's pre-accident value and its value after repairs. If someone hits your car, virtually all states allow diminished value claims from an at-fault party's insurance company. And if the person who hit you is uninsured, many states allow diminished value collection on your uninsured motorist property damage coverage. For a successful claim, you'll need an appraisal of the car's value both before the accident and after the repairs have been done. However, don't expect the insurance company to help. An appraisal is the first step to a successful claim. Many others hire a private company to document the lower value. If the insurance company resists, then the owner may have to take them to court. Since you had a new car and filing such a claim can be time consuming and confusing, you may want to consult with a local attoreny as it would probably be worth it to have an experienced professional advising you.
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
You don't give any details of your situation. First of all, diminshed value is the automatic loss of value from an auto accident. These insurance claims allow car owners to recover the difference between a car's pre-accident value and its value after repairs. If someone hits your car, virtually all states allow diminished value claims from an at-fault party's insurance company. And if the person who hit you is uninsured, many states allow diminished value collection on your uninsured motorist property damage coverage. For a successful claim, you'll need an appraisal of the car's value both before the accident and after the repairs have been done. However, don't expect the insurance company to help. An appraisal is the first step to a successful claim. Many others hire a private company to document the lower value. If the insurance company resists, then the owner may have to take them to court. Since you had a new car and filing such a claim can be time consuming and confusing, you may want to consult with a local attoreny as it would probably be worth it to have an experienced professional advising you.
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