When you file a claim for diminished value with the insurance company, they will likely give you a settlement offer. This money is meant to reimburse you for the difference in value from before the accident to after the accident. But how do you know if it’s a good offer? After all, it’s not in the insurance company’s interest to give you a lot of money.
There is an objective way to determine how much your car is worth, both before and after the crash and repairs, and that is through trade-in offers from a car dealership.
If you bring in your car and relevant information, the dealership can give you the pre-crash trade-in value as well as the current trade-in value. The difference between those two numbers is one way to determine the diminished value of your car. It is evidence of the diminished value loss you suffered.
Take your vehicle to a car dealership and ask them for a written trade-in offer on their letterhead. Make sure the written offer includes your name, contact information, make, model, year, and VIN (vehicle identification number) of your car.
Then, ask the dealership to give you a second written offer for the pre-collision trade-in value of your vehicle.
That’s the basics.
If you need help resolving your diminished value claim, a Car Crash Kit can provide you with form letters that include relevant Arizona case law and statutes. Also, included in your Car Crash Kit will be directions, suggestions on how to respond to common insurance company arguments, and how to settle your diminished value claim after you receive a fair settlement offer. The cost for a Car Crash Kit is only $50 and can help you recover hundreds to thousands of dollars more in compensation.
To see if your property damage qualifies for diminished value compensation just take our Free Quiz below.
Legal Disclaimer: This article provides general information and should not be taken as legal advice. Car Crash Kit is not a law firm and cannot provide legal advice. This article is an advertisement.