Rhode Island Diminished Value Claim
In the event of an accident, each vehicle loses it’s value absolutely. This means that no matter how close it is to it’s state before the accident, the vehicle will never regain its full value. If you want to protect yourself from losing money after an accident, call AutoLoss today to file a claim.
Diminished Value in Rhode Island
You may be entitled to lost value of your vehicle after an automobile accident in the state of Rhode Island. Citizens of the state have up to ten years to make a diminished value claim, and can be uninsured to qualify. See the case below for more details.
Paul Sikorskyj v. AMICA Mutual Insurance Company C.A. No. PC-13-5619
David R. Cazabat, Jr. v. Metropolitan Property and Casualty Insurance Company C.A. No. KC99-544
Call AutoLoss today to see if you qualify in the state of Rhode Island!
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.
When is the vehicle considered “totaled?”
These considerations vary from state-to-state, but to give you an idea, here is a basic rundown in AutoLoss’s home state of Oregon:
A vehicle that is declared a Total Loss by an insurer who is obligated to cover the loss. Also, a vehicle that the insurer takes possession of or title to.
A vehicle that has sustained damage that is not covered by an insurer and the estimated cost to repair the vehicle is equal to at least 80% of the retail market value prior to the damage. “Retail market value” is defined as the amount shown in publications used by financial institutions (eg. banks, lenders) in this state.
A vehicle that is stolen, if it is not recovered within 30 days of theft and the loss is not covered by an insurer. In this situation, you must notify DMV within 60 days of the theft.
Do I need a special appraisal or special insurance for my collector car?
Yes. Collector car insurance uses an appraisal to determine the fair market value for your collectible-quality vehicle. Most owners of collector cars carry standard insurance, which may result in less than half the compensation in the event of a loss.
If you choose not to carry special insurance, get a professional appraisal of your collectible vehicle on file with your insurance company, and demand a specific endorsement to protect your investment.
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.