Oklahoma Diminished Value Claim
Have you been in a collision and ended up losing value on your car? It’s important to stay financially prepared for any scenario, which is what AutoLoss is all about. Learn more about diminished value claims by reading the information below, or contact an expert at AutoLoss today.
Diminished Value in Oklahoma
The state of Oklahoma, you must file a diminished value claim within two years of the accident. You must also be an insured motorist and not the at-fault party. It’s also important to note that you cannot be the at-fault party to file a diminished value claim. See the case below for more details.
Hall v. Dearmon 2015 OK CIV APP 40
About Diminished Value Claims
Diminished Value refers to the reduced value of a vehicle simply because it has a significant damage history. Even after the vehicle has been repaired to it’s optimal value, the market value of the vehicle may still be reduced. There are three types of diminished value that your case may fall under:
1. Inherent Diminished Value: This type of diminished value refers to the loss of value of a vehicle simply because it has been in accident. Even after the vehicle has been fully repaired, it may still be considered less valuable than a car that has no accident history. This type of diminished value is the most common and most highly accepted.
2. Repair-Related Diminished Value: A vehicle that experienced an accident and was not repaired properly may experience repair-related diminished value. Whether the car still has cosmetic damages or structural damages, it may experience loss in value due to incomplete repairs.
3. Immediate Diminished Value: Right after a vehicle has experienced an accident, it may lose value even before the owner has the chance to make repairs. Immediate diminished value can be calculated as the difference in resale value of a vehicle before the damage occurred and the resale value before repairs have been made after damage has occurred.
When you need to know the true value of your vehicle, an auto appraisal by a professional at AutoLoss can help to make sure that you receive the best value for your unique vehicle. An auto appraisal takes into account the full history of the vehicle and provides you with an expert opinion on the vehicle’s value that you can then present to the bank, credit union, potential buyers, and insurance companies. There are many reasons as to why an individual may need an auto appraisal, which is why company’s such as AutoLoss provide a variety of Auto Appraisals.
A Stated Value Appraisal can help to establish the true market value of a vehicle that may be required from a bank, credit union, or insurance company. A Loss of Use Appraisal helps to value a business’ vehicle that has been involved in an accident but was necessary for business operations. This type of auto loss appraisal can help recover the value of the vehicle’s service to business. A Lease Termination Appraisal is best for individuals looking to get out of a lease early, and are determined by the vehicle, the market, and miles on the vehicle. Luxury Automobile Appraisals are another type of Auto Appraisal that help protect an individual’s investment. This type of appraisal ensures that the full value of the luxury vehicle is realized and proven. Auto Appraisals are also valuable for individuals looking to donate their car for tax write off purposes.
Total Loss Appraisals
When your vehicle is considered a “total loss”, the insurance company may make you an offer that is less than your desired amount. “Total Loss” of a vehicle refers to when the cost to repair the vehicle exceeds the cost of the vehicle’s worth. After damages occur, an insurance company may make you an offer for the cash value of the totaled vehicle minus your deductible on your comprehensive or collision coverage. A Total Loss Appraisal will ensure that this offer from the insurance company is accurate and provides you with the best value for your damaged vehicle.
What about “Certified Used Vehicles?”
Many new car dealerships are now offering “Certified Used Vehicles.” All have different processes for classification. However, all certification manuals we have reviewed have revealed extensive attention to discovering the smallest history of damage, negating the ability to designate it as a “certified used vehicle.” This dramatically changes the trade-in value for your repaired car, truck or SUV. Many times if a vehicle cannot be resold as a “certified used vehicle,” the vehicle will be sold at a significant discount. This is where a professional appraisal helps you to recover Diminished Value.
Do I have to sell my vehicle to make a diminished value claim?
No! Whether you want to sell your repaired vehicle right away, or 10 years after the claim is your business. The drop in value occurs immediately, and you are entitled to be compensated immediately.
Do I need an appraisal to purchase a vehicle?
Sometimes! Banks, credit unions and individual lenders may require an independent appraisal to establish the true market value of the vehicle you are planning to buy.