New Mexico Diminished Value Claim
If you live in the state of New Mexico, you may be entitled to a diminished value claim. Make sure your automobile retains its value after an accident by speaking to a representative at AutoLoss today!
Diminished Value in New Mexico
You have up to four years to make a diminished value claim in the state of New Mexico, can be an uninsured motorist, and cannot be the at-fault party. If you are the injured party, the responsibility, and therefore the cost, to prove how much value has diminished since the accident is your burden.
If you have been in an accident in the state of New Mexico, and want to know what claims you are entitled to, contact AutoLoss today.
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 have a right to get my own appraisal on an insurance claim?
YES! Both you, and your insurance company have a right to an appraisal. It is always wise to hire your own impartial, licensed appraiser to determine the value of your loss. Your insurance company may not protect your best interests with their in-house or computerized appraisals. When you protect yourself with an independent appraisal, your insurance company is obligated to negotiate a loss settlement using both.
Why should I care about diminished value?
Your insurance company will pay to repair your vehicle, but after a collision, it’s less marketable than before the wreck. When you sell the vehicle, you will be forced to absorb a loss, unless you make a Diminished Value claim.
For example, if your $30,000 vehicle is repaired after a major collision, it may only be worth $20,000. Is that fair to you? No! A Diminished Value claim allows you to get a settlement for the difference in market value for a pre-and-post crash vehicle.
It is almost impossible for an insurance company to deny a diminished value claim to an insured claimant.
What is fair market value?
Fair market value is the highest monetary price your property will receive once exposed to an open market, allowing time to find a willing buyer, where full disclosure of all uses, purposes and adaptations of current or capable uses of the property are made.