If you’ve been in a car accident you may be entitled to a check from the insurance company of the at-fault driver for the diminished value of your vehicle.
DVCHECK is a nationwide provider of diminished value reports. We can help you document, demand, negotiate and recover your car’s diminished value after an accident.
Use this diminished value checklist to help determine if you have a diminished value loss. You may be able to file a claim to recover it if the following applies. Your vehicle:
- Is newer with lower mileage (typically 7 years old or newer with less than 100,000 miles)
- Was in good condition prior to the accident
- Does not have a previous accident history or if it was in an accident, the previous damage was minor
- Another driver was at-fault in your accident
- You own the vehicle and it’s not leased
A newer vehicle has the potential for more diminished value because it has a higher fair market value than an older vehicle does prior to an accident.
Once a car reaches 10 years old, the fair market value of the vehicle usually isn’t worth very much so very little diminished value is created after an accident.Classic, exotic, and collector cars are an exception to the age rule and these types of vehicles will result in more diminished value than an average older vehicle if they are damaged in a car accident. It will be difficult to pursue a diminished value claim on a very old, average vehicle.
You’ll be more successful filing a diminished value claim if your vehicle has less than 100,000 miles. It’s not impossible to recover diminished value on a car that has over 100,000 miles, however it will be more challenging to support a claim with an insurance company.
The more expensive your vehicle is, the greater the amount your diminished value loss will be after a car accident. You’ll also have more diminished value if your car was in good condition prior to the car accident. Air bag deployment and structural/frame damage also increases the amount of diminished value.
An accident permanently changes the condition rating of your vehicle. Prior to accident damage, your car’s condition can be rated as “excellent”. After an accident, the condition rating of your vehicle is lowered to a category such as “average, fair, or rough” depending on the nature and severity of the damage.
To file a claim after your accident, order our diminished value report today!
If you have questions about our diminished value checklist, contact us with your questions.
