How To Get Paid for the Diminished Resale Value on Your Wrecked Automobile
- 1). Diminished value is created by the accident. It is the difference a customer will pay for an unwrecked automobile as opposed to one that has been in an accident and sustained damage and been repaired.
- 2). If you go to your own insurance company for an accident in which the other person was at fault, your rates will not go up. The money comes from their insurance company, not yours.
- 3). If the accident was someone else's fault, your claim is a third party claim. If the accident was your fault, your own insurance company may not pay diminished value claims. See your policy for details.
- 4). If you want to get paid for the diminished value of your automobile, you must provide documentation that accurately details your diminished value. Outside companies will negotiate the diminished value claim for you. Look for an advocate auto claims company who will handle the entire process with licensed adjusters and attorneys on staff.