Everything You Need to Know About Diminished Value Claims: A Step-by-Step Guide
- jarrodscott87
- Feb 7
- 2 min read
If your car has been in an accident, you may be eligible to file a diminished value claim to recover the lost value of your vehicle. While insurance companies often don’t make this clear, it’s an important step to ensuring you’re fairly compensated after a collision. In this guide, we’ll walk you through everything you need to know to successfully file a diminished value claim and get the payout you deserve.
What Is a Diminished Value Claim?
After a car accident, even if your vehicle is repaired to its pre-accident condition, its value has still decreased due to the accident. This reduction in value is known as diminished value, and it’s something you can recover through a claim. Whether you plan to sell, trade, or keep your car, the diminished value can impact your financial return.
How Much Can You Recover?
The amount you can recover depends on various factors, including the age, make, model, and condition of your car. On average, people recover $4,000 from a diminished value claim, though some luxury or newer vehicles may yield higher amounts. Here’s what influences your payout:
Vehicle Age & Condition: Newer cars in good condition typically have higher claims.
Luxury & High-End Vehicles: These cars tend to suffer more depreciation, meaning higher claims.
Severity of the Damage: More serious accidents lead to higher claims.
Repair Quality: Even with high-quality repairs, the car’s accident history still impacts value.
How Do You File a Diminished Value Claim?
Filing a diminished value claim can be a challenging process, but with the right steps, you can maximize your chances of success:
Get a Certified Diminished Value Appraisal: An accurate appraisal from a certified expert is essential to demonstrate the lost value of your car.
Submit Your Claim to the Insurance Company: Once you have the appraisal, submit it along with the accident report and repair details.
Negotiate with the Insurance Company: Many insurers will offer low settlements at first, so be ready to negotiate for the full value.
Consider Legal Help: If the insurance company denies your claim or refuses to offer a fair settlement, legal support may be necessary.
Why Choose CrashMoney?
At CrashMoney, we specialize in maximizing diminished value claims. Our team of experts will help you get the highest possible payout by handling everything—from appraisal to negotiation—on your behalf. And, we operate on a contingency basis, so you only pay if we win your case.
Start Your Diminished Value Claim Today!
Don’t leave money on the table. If your car has lost value after an accident, you deserve to be compensated.
🚗 Get your free estimate today and start the process with CrashMoney. We’ll help you recover what’s rightfully yours, fast and easy.
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