Texas Diminished Value Claim
In the state of Texas, if you are in a auto wreck and the accident was not your fault you are entitled to file a insurance claim for Diminished Value. The statute of limitations on filing a Diminished Value claim in Texas with your insurance is two years from the date of loss. In order to recover the losses you must have a diminished value appraisal completed by a professional automobile appraisal company, such as AutoLoss. Also, if the other party in Texas does not have auto insurance and you carry uninsured/ underinsured motorist coverage you may be able to claim diminished value under your policy. . . You can also file a claim in small claims court in Texas for as much as $10,000. AutoLoss can help the Texas consumer in many ways with their diminished value claim. We also have local Texas auto appraisers standing by to complete a diminished value inspection on your vehicle as well. Call 877-655-1661 so AutoLoss can help you recover your losses today.
Diminished Value in Texas
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SETTLING THE INSURANCE CLAIM
Provided by the Texas Department of Insurance
In Texas, the other driver’s insurance company may ask you to sign a release to settle your insurance claim and forgo future claims related to the accident. Don’t sign a liability release until you are satisfied with the total settlement, including diminished value. Get a letter from your doctor estimating the cost and length of your future medical treatment. You might want to consult an attorney before accepting a settlement. Under Texas law, you have two years after an accident to either settle your claim or file a lawsuit.
Texas law prohibits insurance companies from delaying payment of a claim in order to pressure you to sign a release. If you believe an insurance company is delaying payment to pressure you, file a complaint with TDI.
If the other driver denies fault, his or her insurance company may refuse to pay the claim. Independent witnesses could make a difference in getting the company to pay. It’s important to get names, addresses, and telephone numbers of any witnesses to the accident. Make sure the insurance company knows about the witnesses. If the company continues to refuse to pay the claim, you can file a claim against your own insurance or you may have to go to court to resolve the issue.
Before filing a insurance claim with your company, ask your agent or your company’s underwriting department how a claim might affect your rates on renewal. A company cannot refuse to renew your policy solely because you had one accident in a 12-month period that was not your fault. However, if the accident affected your DPS driving record, your company may consider it in determining your rates, whether you filed a claim for the accident or not.
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 Texas. Call our diminished value experts now and see for yourself! TOLL-FREE: 877-655-1661
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.
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.