4 Things You Need To Know About Diminished Value
Diminished value or loss in value is often forgotten or overlooked after an accident. Therefore, It can truly hurt your wallet, now and down the road. With out proper knowledge and preparation, filling a claim could be a leap of faith. Thankfully, it is easy to get acquainted with the ins and outs of filing a claim. It all begins with learning what the requirements are for filing a diminished value claim.
What makes you eligible for a diminished value claim?
There are indeed requirements for successfully filing a claim. Fortunately, they are simple and straight forward. If the following points apply to you, then you are eligible:
1- You have been involved in a collision.
2- You are the owner of the vehicle you were driving during the collision.
3- You are the innocent party of the collision.
Simple enough, right? Now let’s go review the process.
How to file a diminished value claim
I would not suggest doing this on your own. The first steps is to find a diminished value expert. In addition, These experts are experienced appraisers and know how to deal with insurance company adjusters. Collision Safety Consultants is a local company that we have utilized.
Know your rights, it is your right to file a claim
The insurance company of the At-Fault party will tell you other wise. However, if you meet the three requirements, plain and simple, you are owed compensation for the loss in value your vehicle has suffered. In addition, There are tactics that insurance companies will use to fight your claim. Unless you are experienced in this i would suggest hiring someone who is.
What to do when an insurance company denies or fights your claim.
There are statements — or comebacks– that insurance companies often use attempting to scare you off in response to a diminished value claim.
“You are not eligible” “Your loss in value is lower than your claim suggest”
2011 Louisiana Laws Revised Statutes TITLE 9 — Civil code-ancillaries
RS 9:2800.17 — Liability for the diminution in the value of a damaged vehicle
Universal Citation: LA Rev Stat § 9:2800.17
§2800.17. Liability for the diminution in the value of a damaged vehicle
Whenever a motor vehicle is damaged through the negligence of a third-party without being destroyed, and if the owner can prove by a preponderance of the evidence that, if the vehicle were repaired to its preloss condition, its fair market value would be less than its value before it was damaged, the owner of the damaged vehicle shall be entitled to recover as additional damages an amount equal to the diminution in the value of the vehicle. Notwithstanding, the total damages recovered by the owner shall not exceed the fair market value of the vehicle prior to when it was damaged, and the amount paid for the diminution of value shall be considered in determining whether a vehicle is a total loss pursuant to R.S. 32:702.
Acts 2010, No. 725, §1.