Terry called within a day of my form submission and walked me through the process. Within a few days he and Monica had created an appraisal report that valued my vehicle at over $6900. Less than a week after they sent the valuation to Farmers, they offered to settle with me for the full amount requested -- nearly twice as much as their original offer!
— John H.
Prairie Village, Kansas
Diminished Value is one of the auto insurance industry's best kept secrets. Some companies will automatically issue an amount for the repair, but never tell the consumer about diminished value. However, you can file a diminished value claim even after you've been awarded a settlement for the repairs. Here are a few things to keep in mind:
Always Talk to a Diminished Value Expert
Talking to a licensed diminished value expert will give you options. Most automobile appraisers work for the insurance company so it is important to have an auto appraiser that is objective and never works for the insurance company. Autoloss is a national company that has been in business for over 15 years. Autoloss never works for the insurance company so we can be objective regarding the loss in value of your vehicle. Knowing the intricacies of your diminished value claim is very important. The loss in value of your vehicle could be in thousands. Qualifications of a Diminished Value Claims
As long as you have a newer vehicle with over $500 damage you may have a diminished value claim. Smart shoppers will never purchase a wrecked vehicle unless they get a significant discount. The insurance company at fault may be legally bound to pay the diminished value but the consumer has the burden of proof to prove the loss. Diminished value legally is the value of the vehicle before the loss vs. after the loss.
The implications of collision damage might not appear until months, or even years, after the incident. Black mold hidden in the upholstery and corroded brakes that give out on the highway nine months after a storm pose serious health risks. If your vehicle has significant water damage, the diminished value might be the entire market price of the car.
Get Proactive Post-Accident
You have the right to choose your own auto appraiser. Call Autoloss today to get a free diminished value quote. Many times, the insurance company is giving the client penny's on the dollar on what their diminished value claim is really worth. It's up to you to determine the diminished value losses following an accident. Unfortunately, insurance companies have one job – to make money. They’re not going to be eager to write a check for a higher amount. Call us today so you don’t settle for less.