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Diminished Value Claim Services
Reclaiming Your Vehicle's Value After an Accident
When a vehicle is involved in an accident, its value often decreases, even with perfect repairs. This reduction, called inherent diminished value, can be recovered with the right support. At D'VA Diminished Value Associates, we provide expert appraisals to help clients reclaim this lost value. If the vehicle owner prefers not to handle the claim or is unsure how to file it, our in-house claims specialists are ready to assist, ensuring a smooth and stress-free process.
Understanding Inherent Diminished Value
The concept of inherent diminished value recognizes that a vehicle with an accident history is worth less than a similar vehicle without any accidents. This decline in value, which occurs even after repairs are completed, is attributed to the vehicle's accident history. Since this information is publicly accessible, it can make the vehicle less appealing to potential buyers.
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Eligibility for Diminished Value Claims
This is the basic criteria. Other vehicles may qualify. Examples of vehicles outside this basic criteria would be Classics, High End Vehicles, Exotics, etc.
Age of Your Vehicle
Typically, eligible vehicles are less than 6 years old.
Mileage
Eligible vehicles generally have less than 100,000 miles.
When To File
The claim must be filed within the statute of limitations. (This varies from State to State.)
Who’s At Fault
You must not be at fault in the accident that caused the damage.
The Diminished Value Claim Process
To file a diminished value claim, you need to submit your claim to the at-fault party’s insurance company. Typically, insurance companies will require a professional appraisal to determine the amount of diminished value your vehicle has incurred. Since there is no standard formula or specific calculation method for determining diminished value, the process often involves negotiating with the insurance company. To strengthen your position, it may be beneficial to get an official appraisal or seek assistance with filing and negotiating the claim.
At D'VA Diminished Value Associates, we offer two options!
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You can purchase an appraisal to support your claim.
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If you do not wish to purchase an appraisal and handle the claim on your own, or if you are unsure how to file it yourself, we can refer you to our Claims Specialists who offer assistance with the claims process.
Benefits of Working with D'VA Diminished Value’s Team
Success rate
Our Claims Specialists have successfully settled over $1.8 million in claims using appraisals provided by D’VA.
Timely resolution
These claims are typically settled within 3-4 months on average.
Benefits of Using an Official Appraisal or Claim Specialist for Diminished Value Claims
Accurate Valuation
Professional appraisers have the expertise to accurately assess the diminished value of your vehicle based on its condition, market factors, and accident history. This helps ensure that you are claiming the right amount.
Credibility
An appraisal from a reputable company lends credibility to your claim, increasing the likelihood that the insurance company will take your case seriously and consider a fair settlement.
Negotiation Support
Claims Specialists can provide expert opinions and documentation, which strengthens your position during negotiations with the insurance company. This is crucial since diminished value claims often involve negotiation.
Time-Saving
Handling the entire claim process on your own can be time-consuming and confusing. A Claims Specialist can handle the complete process, reducing the effort and stress on your part.
Knowledge of Industry Standards
Experienced Claims Specialists understand insurance policies, industry standards, and the typical calculation methods for diminished value, allowing them to advocate effectively on your behalf.
Professional Representation:
A Claims Specialist can represent your interests in discussions or disputes with the insurance company, providing a buffer and ensuring the negotiations are handled professionally.
Challenges in Pursuing Diminished Value Claims
Pursuing a diminished value claim can be challenging, as insurance companies often resist paying out these claims. To increase your chances of success, it is essential to have a strong case supported by compelling evidence. Our team at D'VA Diminished Value Associates can provide a comprehensive appraisal that will support your claim or refer you to our Claims Specialists who know how to build a solid case and negotiate effectively with insurance companies.
Case Study: Sarah's Diminished Value Claim
Sarah, a client of D'VA Diminished Value Associates, was involved in an accident caused by another driver. Although her vehicle was repaired, she knew it had lost value due to the accident. She reached out to our team, and we provided her with an appraisal. We then referred her to one of our Claims Specialists to file a diminished value claim on her behalf and negotiate with the at-fault party's insurance company. In the end, Sarah received a settlement of $3,300.00 allowing her to recoup a significant portion of her vehicle's lost value.
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Frequently Asked Questions About Diminished Value
Contact D'VA Diminished Value Associates Today!
If your vehicle has lost value due to an accident that wasn't your fault, don't hesitate to contact D'VA Diminished Value Associates for a free consultation. Our team of experts will work tirelessly to help you reclaim your vehicle's lost value and secure the compensation you deserve.
To learn more about our diminished value services or to initiate a claim, please contact D'VA Diminished Value Associates today. Our team is ready to help you reclaim your vehicle's value and secure the compensation you deserve.