If we lived in a perfect world, the insurance companies of the parties involved in an auto-accident would act in the interest of all parties involved. They would be fair and compensate accordingly. Unfortunately, we don’t live in a perfect world; insurance companies hire legal counsel and claims specialists to make sure they compensate you the bare minimum for your losses. They literally get evaluated on how much they get away with not paying you. At Ramji & Associates, we want you to know your rights and what you stand to lose. One of the most common losses never recovered by claimants in an auto accident is the loss known as diminished value or lost value.
What Is Diminished Value?
Diminished value is a loss in the value of your vehicle that automatically occurs after a collision. Nearly every vehicle involved in a collision will undergo some amount of diminished value, and this is significant because you may be entitled to recover that lost value.
How Does Diminished Value Affect Me?
When you shop for a used car and find a nice vehicle that looks new and is in great shape, it draws your interest, right? What happens, though, when you run a Carfax and find out the entire front end was repaired? Suddenly, the car is not so appealing and neither is the price. On average, just over 50% of consumers would refuse to buy a car involved in an accident. Even those that say that they would, would only do so if they were offered a huge discount. If your vehicle has been damaged in a collision and is repaired to working order, it’s still not worth what it was before the accident. The difference between the vehicle’s pre-accident value and post-accident value is known as the Diminished Value. Here is where things get legal. Most insurance companies refuse to acknowledge the right to recover that lost value!
Why Do Most Insurance Companies Deny Diminished Value?
Insurance companies, in general, follow the same basic protocols for processing and paying on claims. They would have you believe that they are in your corner but in reality, they are only in their own corner. Most insurance companies will try to discourage consumers from attempting to recover on diminished value losses. At Ramji & Associates, we couldn’t disagree more. Many times claimants aren’t even made aware that they could receive compensation for the diminished value of their vehicle. Does that sound fair to you? When a claimant asks for diminished value compensation, insurance companies will often deny the loss even if it is as plain as day. Sadly, many claimants take the insurance companies first denial and accept that. This is why you need an advocate like Ramji & Associates to fight for you.
What Can I Do About My Diminished Value Loss?
To fight the insurance company’s denial of diminished value, a claimant will need an expert to document the loss and have the proper data and evidence to back it up. This can get tedious and time-consuming. The good news is that even if you have already settled with the insurance company, you can still file a supplemental claim for diminished value on your vehicle.
Ramji & Associates Are Here To Help You
Have you been involved in an auto collision and don’t know what to do? Have you already settled with the insurance company and feel you didn’t get proper compensation for your loss? Don’t hesitate! Contact us today for a consultation and get the compensation you deserve!