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Diminished Value Claims
Understanding diminished value can help you to make the most of your particular situation after you have experienced a car accident. The damage from an auto accident can result in a loss of value for the vehicle, even if you obtain superior repairs for the vehicle. If you are facing diminished value for your vehicle following an auto accident, you may be able to receive reimbursement for your losses. At Utah Accident Solutions, we can help you navigate the process of making a diminished value claim and getting your life back on track after being in an auto accident. Here are a few important things to understand about diminished value for your vehicle and the relevant insurance claims.
What is Diminished Value?
A diminished value claim is a claim that can be filed against the insurance company after a vehicle has lost market value due to an accident. This process helps you to recover the monetary loss that can occur as a result of this diminished value. When your vehicle has lost value, you may face substantial financial loss when you decide to sell or trade in your vehicle. If a potential buyer is deciding between two equal vehicles, the one that has been in an accident will be worth less than the one that has not. A diminished value claim can enable you to recover this loss.
How Diminished Value Happens
Diminished value generally impacts your vehicle due to an accident. After you have been in an accident and had the appropriate repairs made to your vehicle, the value of your vehicle is highly likely to decrease. Understanding the insurance claim process and the compensation that you may be entitled to can help you to recover that loss. Our experts at Utah Accident Solutions can help you to make the best choices to get your life back on track following your auto accident.
Qualifying for a Diminished Value Claim
There are a few factors that will dictate if you qualify for a diminished value claim in your own particular situation. For one thing, the accident causing the diminished value has to be the first accident that the vehicle has been in. It also can’t be dictated a total loss because this will result in a different insurance claim process. You must not be at fault for the auto accident that you are seeking diminished value reimbursement for. In order to qualify for a diminished value claim, you will need to have the vehicle repaired within the 3 year statute of limitations. It is also necessary for the vehicle to be a newer vehicle. In general, this means 2014 or newer, though there are many different factors that will impact whether you qualify for a diminished value claim or not.
Reach Out to Us For Assistance
If you are unsure if you qualify for a diminished value claim, our team can help you to assess your situation. We offer free consultations to provide you with the best possible services to meet your specific needs. Our experts can help you to navigate the diminished value claim process and ensure that you can have the best possible outcome for your situation.
We understand how difficult auto accidents can be, as well as the substantial impact that these accidents can have on your life. When you work with our experts at Utah Accident Solutions, you can be confident that you are in the right hands to restore your quality of life. For more information about diminished value claims and the steps that you need to take, contact us at Utah Accident Solutions today.
