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Colorado Diminished Value Claims
Colorado is a diminished value state, which means you may be entitled to the diminished value of your vehicle after an auto accident. It’s important to note that determining the diminished value often requires a professional appraisal value claim to accurately assess the impact of the accident on your vehicle’s worth. The statute of limitation on diminished value claims in Colorado is 2 years, and Colorado does have uninsured motorist coverage for diminished value. You can’t submit a Colorado diminished value claim if you were the at-fault party in an accident, or if the damage was caused by something other than a collision. You can see if you qualify for a diminished value claim by filling in the claim review form above.
Diminished Value Occurs in One of Three Ways
Following an accident, the loss in your vehicle’s value can be categorized in three ways. The most common and important for your claim is Inherent Diminished Value.
- Inherent Colorado Diminished Value: This is the most widely recognized form of diminished value. It represents the automatic loss in market value that a vehicle suffers simply because it now has a documented accident history. Even with perfect, high-quality repairs, a reasonable buyer will not pay the same price for a previously damaged vehicle as they would for one with a clean record.
- Repair-Related Colorado Diminished Value: This is the loss of value resulting from poor-quality or imperfect repairs. Examples include mismatched paint colors, the use of non-OEM (Original Equipment Manufacturer) parts, or lingering structural issues. This type of diminished value means the vehicle is worth less than it should be, even after being “fixed.”
- Immediate Colorado Diminished Value: This refers to the loss in a vehicle’s value immediately after the accident but before any repairs have been made. While it’s a valid concept, most claims focus on recovering the Inherent Diminished Value that remains after the vehicle has been professionally repaired.
Colorado Diminished Value Claim Info
Colorado Statute Of Limitations: 2 Years
Uninsured Motorist Coverage: YES
Diminished Value For At Fault Party: NO
Frequently Asked Questions for Colorado Claims
How is the amount of diminished value calculated?
Insurance companies often use a generic formula that results in a low offer. A professional appraiser, like the experts at CollisionClaims.com, calculates the true loss by performing a detailed market analysis. We compare your vehicle to similar ones for sale, factor in the severity of the damage, and use our industry expertise to determine an accurate and defensible figure.
How long do I have to file a diminished value claim in Colorado?
The statute of limitations for property damage resulting from a motor vehicle accident in Colorado is 3 years from the date of the accident. It is best to start the claims process soon after repairs are completed.
Can I claim diminished value from my own insurance company in Colorado?
No. In Colorado, you generally cannot file a “first-party” diminished value claim against your own insurance policy under your collision or Uninsured Motorist (UM) coverage. The claim must be made against the at-fault driver’s insurance.
Will filing a diminished value claim raise my own insurance rates?
No. You are making a third-party claim against the insurance company of the driver who was at fault for the accident. Since it is not a claim against your own policy for which you were at fault, it should not impact your rates.
What if the insurance company’s settlement offer seems too low?
A low offer is a common starting point for insurance adjusters. It is critical not to accept any offer until you have independent, credible proof of your vehicle’s full loss in value. A certified appraisal provides the leverage needed to negotiate a fair settlement.
Why Choose the Experts?
With over 21 years of service, the diminished value experts at CollisionClaims.com have the experience needed to maximize your recovery. We created this free, no-obligation claim review to help Colorado drivers like you understand their rights and start the process of getting compensated fairly.
