Frequently Asked Questions About Diminished Value in California

Collisions are not welcome by anyone. These are extremely stressful. Firstly, you have to think about the people in the car, whether they are safe and sound. And the next thing you think of is your vehicle. An accident can harm your car badly; however, if unfortunately it happens, you may think of repairing it and get it back to its original shape.

But even if you have done it well, your car loses its market value. This is because potential buyers would not want a vehicle with an accident history. So, you may not be able to get what you could have with its pre-accident condition.

This lost value is called diminished value. In California, you can recover this loss and get decent compensation by filing a claim. Let us check out the most frequently asked questions about it:

What is Diminished Value?

Diminished value California refers to the deterioration in the market value of your car after an accident. It refers to the difference between your vehicle’s pre-accident and post-collision market value after being repaired.

Even if you have repaired it well and made it look like new, it may not get the same resale value that it had before the accident. Most car owners are not aware of the fact that they can restore

Can I file a claim in California?

Yes, California Law allows you to file a claim. However, there are some conditions that you need to know about.

You should not be at fault for the accident. If your car is damaged due to someone’s negligence, you can file a claim against the at-fault driver’s insurance company. Moreover, if the repairs are made and the value of your car decreases, you can file a claim.

What are the factors to consider when calculating the diminished value?

Diminished value is calculated considering several factors, including your vehicle’s age, mileage, type, and market demand. It also involves its condition before the accident and the severity of damage. Furthermore, it includes the extent and quality of repairs and the accident record. An insurance company can use its own set of rules to estimate the value. You should be considerate about it and make an informed choice.

How do I prove diminished value?

You need to collect solid documents to prove the lost value. This evidence includes an independent appraisal report, repair invoices, vehicle history reports, and more.

Do I need a lawyer to file a diminished value claim?

Not always. You may also opt for hiring an independent appraiser from a leading alternative dispute resolution California service, such as ADR-Claims. They can provide you with a detailed appraisal report that you can use as evidence. However, when it does not help, you can hire a lawyer and negotiate for a fair settlement.

When should I file a claim?

In California, you can file a claim within 3 years of the accident. However, the sooner you do this, the greater your chances of approval. All you need to do is repair your vehicle well and gather all the necessary documents.

Conclusion

You have the right to file a claim and recover your vehicle’s lost value. Seek professional support from the high-end appraisal services from ADR-Claims and ensure the fair compensation that you deserve. Start by getting in touch with them and understanding how the process works.