Get Paid Extra for the Diminished Value of Your Wrecked Automobile

GET PAID EXTRA FOR THE DIMINISHED VALUE OF YOUR WRECKED AUTOMOBILE.

By Casey Carlton

Insurance companies want to pay the least amount possible for a claim. They won't mention the diminished value of your wrecked automobile if their client was at fault. They will only want to pay for the minimum repairs to the damage done to your vehicle.
And you will think that is fine and go on your merry way not knowing you have been cheated royally by the insurance company.
Here's how to collect the diminished value of your vehicle that the insurance company does not want to pay you:

Step1

Diminished value is created by the accident. It is the difference a customer will pay for an unwrecked automobile as opposed to one that has been in an accident and sustained damage and been repaired.

Step2

If you go to your own insurance company for an accident in which the other person was at fault, your rates will not go up. The money comes from their insurance company, not yours. Do not handle the settlement by yourself. The other insurance company will cheat you up one side and down the other.

Step3

If the accident was someone else's fault, it is a third party claim. If the accident was your fault, your own insurance company may not pay diminished value claims. See your policy for details.

Step4

If you want to get paid for diminished value of your automobile, you must provide documentation detailing accurately your diminished value. There are outside companies who will negotiate the diminished value claim for you. See resources below.

Step5

The claim is worth pursuing and the other insurance company hopes that you won't know about the diminished value of your automobile because, frankly, they don't want to pay you.

Step6

If the insurance company claims the repairs made the vehicle as good as new, it is still not worth the value of a like vehicle that has not been in an accident. You will not be able to sell it for the same price.

Step7

Each state has a statue of limitations regarding property damage. Check to see what the limitations may be in your state.

Step8

Look for an advocate auto claims company who will handle the entire process with licensed adjusters and attorneys on staff.

Step9

Most people only think about repairs to their car, not realizing the diminished value will kick in when they go to sell the car or trade it in and the accident shows up. Then they kick themselves for not realizing how much the accident really cost them in the diminished value of their car.

Step10

If you try to negotiate the diminished value yourself, the insurance company will give you the lowest offer and most likely it will be difficult to change it once they give you the figure. Best to go with a professional organization prior to requesting a diminished value settlement. [removed][removed]

Tips

• Using a professional company to work for you will give you peace of mind and bring you a just settlement.
• Insurance companies know all the tricks. Watch out or you won't get treated fairly.
• That lack of value will show up when you go to sell or trade in the car. Then you will have a big surprise that it's not worth what you thought it was.

Resources

• Advocate Auto Claims
• How to Never Get a Photo Radar Ticket
• How to Challenge a Photo Radar Ticket and Get It Dismissed
• How to Find Your Own Diamonds
• How to Prospect for Gold