Proving your diminished value

First step is to prove you have lost some value that the insurance company is liable to pay. You will need to determine what types of diminished value claims you may have.

It is reasonable in most cases to presume that there is some amount of inherent diminished value by virtue of the accident appearing on your vehicle’s record.

One exception is when your car already had cosmetic and/or mechanical defects before the accident and the post-accident repairs fixed some of those defects or added enough improved value to make the car more valuable in a sale than the value without the repairs.
This would happen on vehicles where you have caused prior damage the new repairs fixed or the car is old and adding new parts makes the car more desirable.
You must understand that this exception is extremely rare.
Most cars with existing damage or are old and worn will end up being totaled by the insurance company.

After all repairs by the insurance company made, you should make sure your receipts for the work include every piece of information including what work was performed, what work was advised by the mechanic but not performed at the request of the insurance company, what parts were installed and whether they were aftermarket or OEM parts. The use of aftermarket parts or not performing every service the mechanic wanted to perform is not absolute evidence of lost value but you need this information to assess potential claims.

Last step after having this information it is to start gathering valuations on the vehicle to determine how much value is lost.

©by LostValue Law, P.A  (888)-717-5387

2 thoughts on “Proving your diminished value”

  1. I found it interesting how you mentioned how an exception to your diminished value claim can be preexisting cosmetic or mechanical defects before an accident occurs. I was recently involved in an accident with a deer and decided that I wanted to take out my diminished auto value claim and put it towards a new car instead of repairing the old one. I noticed that the claim was smaller than I thought because of a prior few dents before the accident. I will be sure to keep this in mind as I move forward so I can get the most out of my diminished auto value claim!

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