Do you have tips to help win a diminished value settlement?
7 Tricks To Help You Cash In
In an effort to provide some genuine free help to the public, I have compiled the 7 most helpful tidbits relating to how to get your diminished value claim paid. This article assumes that you are either filing against your own uninsured motorist coverage or are filing against another person’s insurance policy.
Diminished Value Claims from beginning to end – let’s get right to it!
Tip #1: Do not indicate that you want your vehicle totaled!
If the insurance company totals your vehicle, then you will not be able to recover diminished value and you will be stuck fighting about how much your vehicle is worth.
Tip #2: Don’t talk about diminished value
If the insurance company elects to repair your vehicle, do not even think about mentioning to the adjuster that you even know about diminished value.
Tip #3: Pick your own body shop
Don’t let the insurance company refer you to their DRP (direct repair facility). If you take your vehicle to a shop that has a deal with an insurance company, you will be left out of the loop on how the repairs are made.
Tip #4: Don’t argue about LKQ parts or aftermarket parts.
If your vehicle is not a luxury vehicle or brand new, let them use whatever parts they can find – it will help to keep your vehicle from being declared a total loss.
Tip #5: Check your vehicle repairs carefully
Do not sign a release or remove your vehicle from the shop until you are completely satisfied with the repair job.
Tip #6: Hire an expert
Once the repairs are complete and before you remove the vehicle from the shop, contact a reputable expert in diminished value and obtain a stand-alone report that includes market research data, actual sales data, and one that conforms to the uniform standards of appraisal practice. If the expert you contact cannot guarantee in writing that all of this criteria will be in their report, then look elsewhere for help. A quality diminished value report will cost at least $250.00 and should cost no more than $400.00 for a private passenger automobile. The final report should also include a title history check report.
Tip #7: Present a written demand for your diminished value to the insurance company
Include a time limit for the insurance company to respond, and be prepared to take your case to small claims court from the beginning. Do not believe for one minute that you cannot collect diminished value by suing. The only question will be how much you can recover, and if you are confident, well informed, stern in your demand, but willing to negotiate a little, you will do fine.
If you will utilize these seven bits of information, you will be able to accomplish one of two things…
1 – You will get paid for your diminished value
– or –
2 – You will find out that some insurance companies/adjusters are stupid, and you will have to sue to get your money
Sometimes it’s just in the petty details! Good luck.
Posted in: Diminished Value