You’ve been in an accident. One of your first worries is probably, “How will this accident effect the value of my car?” If you’ve ever purchased a used vehicle and looked through CarFax reports, you realize that cars that have been in accidents are worth a lot less. What many people don’t realize is that, if the accident wasn’t your fault, you may be eligible for financial compensation for this loss in value. It’s called “Diminished Value,” and your insurance company may not want you to know about it.
Mark’s Body Shop can help connect you with a Diminished Value Consultant in Baltimore, Maryland or the surrounding areas.
What is Diminished Value?
Diminished value is the loss in value your vehicle suffers after an accident. Fortunately, you have the right to collect compensation for this loss in value by filing a diminished value claim. Unfortunately, insurance companies pay zero mind to paying out diminished value claims—or even discussing the topic. But it is 100% your right to collect the compensation you are owed due to diminished value.
If you would like to speak to someone about diminished value or finding a diminished value claims expert, please call us at 410-358-5155 or click here to contact us online!
Insurance Companies Do Not Want to Pay You
Car insurance companies do not have our best interest in mind, and it has proven to be incredibly unsafe. These companies have their ways of fighting diminished value claims so that they can maximize profit—we have heard too many stories about it. Hiring a diminished value claims professional is the best way to ensure your claim is treated properly.
In preparation of filing a diminished value claim and hiring a professional to handle your claim, you should be aware of the three main types of diminished value.
The difference in resale value of your vehicle before and immediately after an accident is “immediate diminished value.” It is important to remember that diminished value enters the scene of an accident as soon as there is impact.
Think about this: If you are looking at several vehicles with intent to purchase one, would you go for the one with a damage history? For presumably all of us, the answer is no. After an accident, your vehicle has “inherent diminished value” simply because it now has a damage history. This will absolutely affect you when you attempt to sell or trade in your vehicle.
Demand for vehicles with a damage history is low, and so the cost for them is also low. You should be compensated for the difference before it is too late.
The most unfortunate type is “repair-related diminished value,” in which the repair after your accident does not restore your vehicle to its original, intended safety standards or appearance. The most effective way to ensure you are not owed compensation for repair-related diminished value is to have professionals conduct a post-repair inspection on your vehicle.
Uncovering an unsafe repair could save you money, but more importantly, it could save your life.
Qualifying for a Diminished Value Claim
When insurance companies first encounter your diminished value claim, they will attempt to tell you that you do not qualify for one. However, if you answer yes to the below questions, you absolutely qualify for a diminished value claim:
- Were you in an accident?
- Do you own the vehicle you were driving when the accident happened?
- Are you the innocent party of the accident?
That is it—it is genuinely that simple. Insurance companies know it is that simple, but will always tell you otherwise. The fact of the matter is it is your right to collect compensation for the loss in value your vehicle suffers after an accident. You can save yourself so much time and money by hiring a professional to handle your diminished value claim so that you receive the compensation you deserve.
For more information on diminished value and finding a diminished value claims expert, please call us at 410-358-5155 or click here to contact us online!