Diminished value claim?
I was involved in a no-fault front-end collision with my 2024 SUV. Initially, the damage appeared minor, and the body shop quoted $2,500 to the insurance adjuster. However, after further inspection, the repair costs skyrocketed to nearly $10,000 due to damage to the electronics and other internal components. While the insurance will cover the expenses from the at-fault party, should I also consider filing a diminished value claim? Given the high repair costs and the fact that my vehicle is a recent model, I’m concerned about its potential resale or trade-in value.
Yes, you should definitely consider pursuing a diminished value claim. Even if the repairs are covered by the insurance, the fact that your vehicle has been involved in an accident can significantly affect its resale or trade-in value. Since your SUV is a 2024 model, the impact on its value may be more pronounced compared to older vehicles.
Here are steps you can take:
Document Everything: Keep records of all repairs, including the original quote and the final repair costs. Take photos of the damage and the completed repairs as well.
Get an Appraisal: Consider getting a professional appraisal to assess the diminished value of your vehicle. This will help strengthen your claim.
Research Diminished Value: Look into how diminished value is calculated in your state. Some states have specific formulas or methods that can be used.
Communicate with Your Insurance: Contact your insurance company to discuss the diminished value claim. Be clear about your circumstances and provide the necessary documentation.
Seek Legal Advice: If your insurance company is unwilling to cooperate, you may want to consult with a legal expert who specializes in auto claims.
Remember, pursuing a diminished value claim can take time and effort, but it’s worth it to protect your financial interests after an accident. Good luck!