Colorado Diminished Value Claim
After an accident, the value of your vehicle may decrease even if you have made all the necessary repairs. Car dealers and potential buyers devalue a car with an accident history, meaning you may receive less money than you deserve. If you’ve been in an accident that wasn’t your fault, contact the experts at AutoLoss to receive the diminished value you deserve.
Diminished Value in Colorado
If you’re a resident of Colorado who has been involved in an accident, or were involved in an accident during your last visit to the area, you may be entitled to a diminished value claim. Diminished value claims support individuals who’s vehicle has been reduced in value simply because of an accident.
In the state of Colorado, you have 2 years after an accident to file for a diminished value claim. In order to file for the claim, you must not be the at-fault party and you must have auto insurance. A diminished value claim in the state of Colorado will help to recover the difference in value of the vehicle the day before the accident to the day after the accident.
If you’ve been in an accident in Colorado, you deserve more money than just the costs to repair damages. To get the difference in value of your car before and after the accident, contact the team at Autoloss! We have experience working with individuals specifically in Colorado, and know the best techniques to get you the full amount of money you deserve.
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.
File A Diminished Value Claim With Autoloss
Don’t let an auto accident diminish your vehicles value. File a diminished value claim throughout Autoloss today. We are your diminished value experts in Colorado. Call our diminished value experts now and see for yourself! TOLL-FREE: 877-655-1661