Diminished Value Claim
The Claim Process Simplified: From Free Consultation and Estimate to Success
How to file a diminished value claim after an accident?
When starting a claim the first thing you need is to prove who is at fault which is normally the insurance company accepting responsibility, the second thing you need to prove your claim.
Get the police report if you have one, any documentation the insurance company might have provided, body shop repair report, any documentation the body shop will give you, if you have maintenance records or anything else that shows the condition of the vehicle prior to the accident and then you must find an expert that is knowledgeable in diminished value claims.
Opening a claim for dv is as hard as having a personal injury claim, if you try it alone not only will you fail 8 out of 10 times but if you succeed on average you will get 3x to 5x less than you would have with the correct proof. After you have the correct proof, the first step is to prepare a demand letter explaining the damage, vehicle information, contact information and amount of diminished value that is owed to you.
Who to file the claim against in a diminished value Claim vs Small claims or Circuit Court?
When opening a claim it is always made against the at fault insurance company, when opening a claim in court it is always made against the at fault driver and policy holder if different.
What you need know about opening a diminished value claim?
Diminished value is not a debt, it is not owed and must be proven. It becomes a debt after there is a judgment in court made by a judge.
You have no rights unless you go to court, diminished value is a tort. The same as a personal injury claim, it must be proven or you must sue to collect.
The burden of proof is on you, proving diminished value is not as simple as a magic formula, a print out from your trade in guides such as NADA, KBB, Edmunds. Your trade in from a local car dealer as it is all considered biased and all of these things together don’t serve as proof.
A cheap appraisal, report or assessment can get you charged with fraud if your not careful as instant reports are created by you with an instant formula and you are responsible for what it comes up with.
Please visit our Diminished Value Calculator Page for more information on calculating diminished value or our Diminished Value Appraisal page to find out why you need actual proof and not just a leap of faith.