Idaho Diminished Value Claim
Idaho is a diminished value state, meaning that if you were involved in an accident that wasn’t your fault and the value of your car decreased, you may be entitled to a diminished value claim. Even after necessary repairs have been made a vehicle after an accident, the car may decrease in value simply because it now has an accident report. A diminished value claim ensures that the owner of the vehicle receives the difference in value from before the accident to after the accident.
Diminished Value in Idaho
In the state of Idaho, the statute of limitations on torts is 3 years. Within 3 years of an accident, the not at-fault party has the right to file for a diminished value claim in order to receive the loss in fair market value from the adverse insurance agency.
A major court case affecting diminished value claims in Idaho is “State Farm Mutual Automobile Insurance Company v. Mabry et al., 274 Ga. 498 (2001),” In this case, the Supreme Court of Georgia ruled that after an accident, the not at-fault party is entitled to receive their vehicle’s diminished value from the insurance company. However, in response to this ruling, many insurance companies determined that they would undervalue diminished value for many individuals in an effort to save money.
Autoloss helps individuals receive the full amount of diminished value they deserve by supplying credited documentation to support the true amount of value loss. This documentation can then be presented to the insurance company in order to improve an individual’s diminished value amount. The Autoloss team works hard to educate consumers on their diminished value rights in order for them to achieve a fair Diminished Value Settlement in Idaho.
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.
Do I need an appraisal if I’m donating my vehicle to charity?
Yes. On vehicles worth more than $5,000, the IRS requires a professional appraisal to receive your tax write-off. It is still recommended for vehicles under $5,000 to prevent any unnecessary scrutiny from IRS auditors.
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.
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.
If you are a resident of Idaho — give Autoloss a call today at (877) 655-1661. You will talk to a licensed public adjuster that will inform you of your rights free of charge. If you are not being offered a fair amount for Diminished Value we can help you dispute the settlement amount by asserting the “Appraisal Clause” in your policy. Information is power, and during the free consultations we will inform you of your rights and how we can best serve you. We at Autoloss want to help you get what is due to you.