How Long Does a Diminished Value Claim Take?
Diminished value claims are an important part of the car insurance process. They help drivers recoup losses incurred due to an accident. However, these types of claims are more complex to file than standard property damage claims, so you’ll want to take steps to ensure that your claim is filed properly and quickly.
How long does a diminished value claim take?
A diminished value claim can take several weeks to resolve, depending on the complexity of the case. This is especially true if there are multiple parties involved or the at-fault driver has no insurance. In addition, you’ll need to provide documentation and prove the damage if you’re filing a diminished value claim for your own vehicle.
How to file a diminished value claim
To start a diminished value claim, contact your insurer or the at-fault driver’s insurer. Explain that you want to make a diminished value claim and give them a brief overview of the accident, detailing what happened. You’ll also need to give them information about the damage to your vehicle and a list of any additional documents that you have to provide.
How to calculate your diminished value after an accident
The first step in calculating your diminished value is to determine the pre-accident value of your vehicle. You can use a site like NADA or Kelley Blue Book to find this. Once you have the value of your car, use formula 17c to calculate how much it has lost in value.
You’ll need to multiply the pre-accident NADA value by a percentage. For example, if your car’s pre-accident NADA value was $20,000, you’ll need to multiply it by 10% to determine your base loss of value.
How to settle a diminished value claim
After you submit your proof of diminished value to your insurer, they’ll review it and then send you a settlement offer. They may pay you in full, make a lower offer, or deny your claim altogether. If they don’t offer you a fair amount, consider legal action against the at-fault driver and their insurer.
How to prepare for a diminished value claim
A professional diminished value appraisal is crucial to proving your diminished value. While there are many unqualified or poorly-qualified diminished value appraisers online, the best ones are licensed and insured with credentials that demonstrate their expertise. They will provide you with a detailed report that contains real market data and facts to support your diminished value claim.
How to choose an independent diminished value appraisal company
Choosing the right diminished value appraisal company is essential to your success in this type of claim. Too many companies offer poor-quality diminished value appraisals that contain unsupported opinions or automated software reports that don’t meet USPAP standards.
When it comes to diminished value appraisals, a good quality report will have market data and facts that are backed by the experience and qualifications of a professional appraiser. It will contain all of the data and facts that insurance companies look for when assessing your diminished value claim.