In the event that your vehicle has faced an accident, it has lost value. This loss in its value is typically known as Diminished Value popularly known as DV. We can also say that Diminished value is the difference between the market value of your vehicle prior to an accident and its market value after you get it repaired. Listed below are six simple tips to make a diminish value claim by your own.
Tips to Make Diminished Value Claim
- Obtain documents of the value of your vehicle at the time of the accident. This does not mean the cost at which you bought the vehicle but it is the market value of the vehicle with an indistinguishable mileage and wear as your vehicle at the time of the accident. There are numerous websites available to help you calculate the value.
- Take images of the damage parts of the vehicle. If you have images of the vehicle prior to the mishap or damage, those can be used as a proof to show that your car was not already in damaged condition.
- Get your vehicle checked by a couple of respectable auto body repair shops and keep their estimates with you.
- Return to at least one of the sites recorded in step one, however, bring down the state of the vehicle in light of the degree of the damage.
- Take the value you obtained from step 1 and deduct the value you get from step 4. This number will be the sum you will be looking for your diminished value claim.
- Send the number from step 5 alongside the images and repair estimates from steps 2 and 3 to the insurance agent. This will be your diminished value claim.
Keep in mind that presenting vehicle claims by yourself is not that easy. Using this method only gives you a rough idea of the fair value of your diminished value claim. It is always a good idea to consult an authority on the auto collision and auto insurance claims industries which are expert in DV claims in California before accepting any offer from the insurance company.