Determining Diminished Value: What Are The Qualifications?
The first step in determining diminished value is understanding that all vehicles damaged and repaired suffer some amount of it. However, not all situations qualify to make a claim to an insurance company to be compensated for diminished value. Several factors are crucial for determining diminished value eligibility, including: the state in which you live, how the damage occurred, and whether or not you were at fault.
What If I Don’t Qualify?
Even if you don’t qualify to make a claim to an insurance company, you may still benefit from having an appraisal done. This may allow you to take a tax deduction if you itemize your deductions, for an unreimbursed casualty loss. See your tax advisor for details. Also if you live in a state where you pay Ad Valorem taxes to renew your tags each year, you can have the value of your vehicle reduced which would lower the tax you have to pay.
Once I Qualify, What’s Next?
Once you know you qualify to make a diminished value claim, the next step is determining the diminished value you’re owed, what the process is and how our services can help you through this process.
How may we assist you?
DV Qualification Quiz
Take our short diminished value qualification quiz to see if your situation qualifies you to make a diminished value claim.
Free DV Claim Review
This is where it starts. Our free diminished value claim review will give you the answers you need to make educated decisions.
Claim Consultation
Need some advice? Our auto claim experts can cut through the bull and provide you with straight answers and sound advice.
