DIMINISHED VALUE CLAIMS

Not all vehicles that have sustained damage qualify as having reduced value. If the claimant’s vehicle was low in value to start with, or if the accident did not cause significant damage, the actual decrease in value of the subject vehicle may not be appreciable to file a claim.

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The following is a list that may include several circumstances which may disqualify the claimant from making a diminished value claim:

 

• The subject vehicle does not have a substantial market value (typically cars under $7,000)

• Claimant already signed a full and final release of all claims and demands

• The accident caused minimal damage (usually under $1000)

• The vehicle has excessive mileage (averaging 30K miles per year)

• The car is too old (most cases 10 years or older)

• The vehicle has a branded title (salvage or rebuilt)

• Multiple prior accidents with greater damage

• Subject vehicle was declared a total loss

• The statute of limitation has elapsed