What is diminished value?
Diminished Value is the difference in value between a vehicle with an accident history, and the same vehicle without an accident history. This is also known as “Loss in Market Value”.
Will my insurance rates go up as a consequence of a Diminished Value claim?
Not if the other party was at fault. The money is collected from their insurance company, not yours.
Who pays Diminished Value?
The at-fault party’s insurance company is responsible to pay Diminished Value. If the accident was your fault, it is a first party claim, and your insurance company is responsible. If the accident was someone else’s fault, it is a third party claim. In this case, the claim is not paid out from your insurance. Diminished Value is paid from the other person’s insurance company. However, in a first party claim, some insurance companies disallow Diminished Value claims. Refer to your policy for details.
How do I get paid for Diminished Value?
To get paid for Diminished Value, you must provide documentation to the responsible insurance company with an accurate assessment of your Diminished Value. And, more importantly you have to know how to communicate and negotiate the claim with the insurance company. That is where our expertise is vital to the success of the Diminished Value recovery.
Is the claim really worth pursuing?
Yes, however establishing entitlement and collecting Diminished Value payments from the insurance industry can be very difficult. That is why utilizing the expertise of our Diminished Value Specialists Team is so critical to the success of the Diminished Value claim.
The insurance company says the vehicle has been repaired properly, and as a result, has not suffered Diminished Value. Is this true?
No. The vehicle is still worth less regardless of it being repaired properly due to the accident. The fact is, you cannot sell it for the same amount as a like vehicle which has not been in an accident. In addition, no dealership will take it in as a trade-in for the same amount. Insurance companies have tried to avoid paying on Diminished Value claims for years, and they will do or say whatever justifies their position. Diminished Value case law has been around for nearly 100 years. We can collect from the at-fault party’s insurance company!
If I was in an accident 2 years ago, can I still collect Diminished Value on my vehicle?
Each state has its own Statute of Limitations regarding property damage. Most states have a limitation of 4 years; however, some have more and some have less. Click here to see a list of your state’s Statute of Limitations regarding property damage.
What does Advocate Auto Consultants do?
We are The Nation’s #1 Diminished Value Experts specialized in establishing and recovering a vehicle’s DV due to an accident. As assignees, we take on all the risks and invest our time, money and resources to achieve the best possible resolution of your vehicle’s DV claim.