Do I need a diminished value claim?

Body shop related Diminished Value -    he insurance industry as 'Diminished Value', is the loss in market value of a particular automobile that has been in an accident and repaired. This can further be broken down into 3 subcategories:

• Inherent Diminished Value- The loss in value is based on the mere fact the unit has been in  the accident and repaired.
• Body shop related Diminshed Value - The loss in market value a result of substandard quality repairs. 
• Insurance related  Diminished Value - The loss in market value as a result of insufficient funds by an insurance carrier to properly repair the damages.

The accident must not be your fault. This applies to any 3rd party liability claim, as well as Under-insured/uninsured coverage claims on your own policy.

• The accident must not be your fault. This applies to any 3rd party liability claim, as well as Under-insured/uninsured coverage claims on your own policy.
• The statute of limitations is 2 years from the date of loss to request the diminished value.
• The at fault carrier has accepted liability and paid for the repairs to be completed. 

Immediately contact Rapid Appraisal Services for a no obligation, FREE review of your loss and potential for Diminished value recovery.  Even if they make you an offer, it is possibly artificially low. The first offer is usually not a fair one... Check with us first.

Absolutely. This is an area of the insurance industry that most people never venture into, therefore it is very wise to seek the guidance of a professional company, like Rapid Appraisal Services. 

We can have a report completed within 24-48 hours after discussing the claim with you and obtaining any needed documentation. If you live within 100 miles of the Houston or Dallas, TX area, we will inspect your vehicle in person prior to the report completion. Once you have reviewed and approved the completed report, we will submit it to the adjuster on your behalf for review and processing. 

The fact that your vehicle was involved in an accident doesn't make you an automatic candidate for pursuing diminished value. These guidelines don't apply to every claim, but are a rough outline. 

Your vehicle should:

• Be in accident in the last 2 years
• Be in an accident that is not your fault
• Have the repairs covered and paid for by the at-fault insurance company
• Be worth $10,000 or more (preferred, but not required)
• Have over $2,000 in damages (preferred, but not required)
• Be owed with a clean title, or in the process of being purchased (lien, making payments)

Things that may exclude your claim:

• Your vehicle is a lease vehicle (unless converted to purchase lien)
• Multiple severe accident history
• Rebuilt or salvage title vehicle
• The repairs were not performed
• The accident was your fault

We can produce a report within 24-48 hours of the receipt of your documents. Once the report is complete, we send it you first for a review. Once you are satisfied with the contents, we will send to the carrier. 75% of our claims are settled within 1-2 weeks after submission. Some may take longer due to insurance review, attempted denial or discussion with  adjuster/opposing appraiser. In  some instances, if the insurance company is unwilling to make a reasonable settlement on your diminished value claim, small claim court may be recommended to achieve your maximum settlement .