Submit Your Request
Once the amount of your vehicle's diminished value has been established, a demand to the insurance carrier for payment of your vehicle's diminished value will be presented along with appropriate supporting materials.
Settling Your Claim
What happens next depends on the response from the insurance carrier. They may offer to settle your claim for the amount demanded, make a counter offer, or reject your demand outright. If the claim is not quickly settled, proceeding to litigation may be your most effective option. The key to successfully pursuing your claim is being properly prepared, and the most effective way to do that is through representation by a qualified attorney.
Support Your Claim
The first step is to support your claim, that despite quality repairs to your vehicle, it has lost value as a result of having an accident history. The specific dollar amount of the diminished value is determined after evaluating the vehicle's value prior to and following the accident with consideration of the severity and type of vehicle damage sustained, among other factors. An independent appraiser with a strong knowledge of collision damage analysis and vehicle market values may be retained to assist with this determination.
The Diminished Value Recovery Process
These are the typical steps in the Diminished Value Recovery Process