What are diminished value appraisals and when you can make a diminished value claim is a question that is all over the internet? Unfortunately, people don’t understand the difference between value appraisals and first-party claims and therefore they seem confused anytime their vehicle encounter an accident.
Diminished value claims are subjected to file after a car accident. The claim is made for the decrease in value of the vehicle that it undergoes because of an accident. This is theoretically known as inherent loss of value. Diminished value claim is the type of claim that is allowed as well as recoverable in almost every state.
In many states, the first-party claim is denied that is a claim that you made against your own insurance carrier for compensating the diminished amount of value. Fortunately, there is another option for you and that is a third-party claim. In this, you make a diminished value claim against the other party at fault and it is based on the law of damages and negligence. (more…)