You know that when you get into an accident you get an estimate from an auto body shop for how much the vehicle’s repair will cost. But do you know about Diminished Value claims?
This is the loss of value of your car due to the fact it has been involved in a car accident, and doesn’t include the costs of repairs at the body shop.
The total of these two costs can be as much as the Kelly Blue Book Value. Even at fault drivers can get a diminished value claim, although it may be more difficult to get.
My clients have gotten from $500 to $6,500 in lost value claims, because we all know, when you go to sell that car, the new buyer will want to know if the car has been in an accident or not.
When the answer is yes, they of course won’t be willing to pay the same for that vehicle as for the car with the same model, mileage, and year car that hasn’t been in a car accident.
The diminished value together with the body damage might be as much or more than the Kelly Blue Book Value, so you may be able to get the insurance adjuster to declare your car a total loss.
If your car is totaled out and you want to keep it, offer to accept payment of the total loss fair market value (FMV) less its salvage value. You may be able to sell it or part it out and make a small profit in the process.
On any argument with the insurer about Fair Market Value, always use at least three comparison values from different sources, such as the auto blue book value, NADA guide value, used cars sales ads online, in your local newspaper or free thrifties.
Copies of recent improvements, such as paint jobs, new tires, engine repair, and maintenance on your car will also help with getting the fair market value.
We generally do not handle body damage claims in auto accidents, but we do have a diminished value claims service for people whose:
- car accidents happened in Oregon or Washington state
- cars have over $3000 of body damage.
- cars have a pre-accident car value of over $7000.
- cars are not totaled out when the diminished car value and the body damage are added.
- cars are not leased.
- drivers in the accident were victims or were at fault.
If you are an injury victim and become my client I can help you with your body damage claim even if there is no diminished value. Find a body shop in your zip code if you live in Oregon or Southern Washington state. Find out what the Kelly Blue Book Value of your car is.
If you have minor damage and are handling the body damage claim yourself, tell the insurance adjuster you want to get a receive payment for diminished value for the car in addition to the body shop costs. If it’s totaled you can get the Kelly Blue Book Value site here.
Want to talk to me about your case?
I want to help you get all the money you deserve for your accident, so please begin by filling out this short form.
Please specify whether your accident happened in Oregon or Washington State, and give some brief details in the comments.
After sending the form, you’ll be taken to a second page where if you wish, you can share all the details of your accident in one convenient place.
Once I see your information, I’ll get back to you as quickly as I can. If you can’t wait, or you want to speak to someone immediately, phone 503-280-0888 24 hours a day, 7 days a week.