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Collision Safety Consultants can help you recover what you are owed after a collision. Our team of certified appraisers can easily handle claims for your vehicle’s diminished value. Contact us today for a no cost consultation and diminished value estimate.
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Diminished Value in Oklahoma
If your car was involved in a wreck and now has an accident history, your vehicle will likely reduce in value as a result.
Diminished value is a problem as many dealers will offer thousands less due to an accident listed on a Carfax report. If the damage is bad enough, many dealers may decline to accept your car in trade.
However, there is a way to help you recover the loss of value to your vehicle from the insurance company. If you were in a vehicle accident that was not your fault, the Collision Safety Consultants of Oklahoma team could help.
How Does a Car Get Diminished Value?
Diminished value refers to the loss in value of the resale value of a car. The fact that a vehicle has been wrecked and repaired is the main difference in the lower value of a car. Even a vehicle that has been fixed at a reputable, certified shop with authorized original factory parts will have diminished value compared to an identical car that was never in an accident.
Diminished Value Calculator
After an accident, repairs should be made to the original manufacturer’s specifications. The quality of these repairs, as well as the severity of the damage, will influence your diminished value claim. Therefore, to help with our calculations, attaching a copy of the estimate for repairs is beneficial. We will respond as soon as possible after receiving your request to discuss the estimated loss of value.
What is Diminished Value?
The Law
Diminished value is part of the Oklahoma Uniform Jury Instruction, and the statute of limitations in Oklahoma for a diminished value claim is two years. In other words, you have two years from the accident date to file your claim – so time is of the essence.
Definition
Diminished value is the difference between the property’s fair market value immediately before being injured, and its market value after repairs have been or would be made.
, this means it is the difference in the value of your vehicle before and after the damage has been sustained.
Who Can Claim Diminished Value
If you were in an accident and not at fault within the last two years, you can make a diminished value claim from the insurance company.
When to File a Diminished Value Claim
If you were involved in an accident where the other driver was at fault, you might file a diminished value claim to recover the difference in your vehicle’s value. In most cases, you cannot file a diminished value claim against your insurance company, so you should never attempt to file it if you are at fault in an accident.
It is usually best to file for a diminished claim with the at-fault party’s insurance company as soon as possible, preferably immediately after repairs are made. When you file quickly, it is often easier to present your case (with the help of an expert’s supporting documentation). The value of your vehicle will also decrease the longer you wait to file your claim.
In Oklahoma, you may file your diminished value claim within two years from the date the accident occurred.
Diminished Value Results
What is a Diminished Value Insurance Claim?
A diminished value insurance claim is when you make a claim with the at-fault party’s insurance company to pay the difference between your car’s value before the accident and its value after being repaired. Newer Vehicles can quickly amount two a claim worth several thousand dollars.
Things to Consider When Filing a Diminished Value Claim
Depending on certain conditions, failing a diminished value claim may not be worth it for everyone. You may or may not receive a payout when filing a diminished value claim if you do not have a valid claim or fail to prove your loss.
A few things that should be considered:
- Your vehicle’s value before the accident: If your car is older with high mileage or has past accident history, you may not receive a payout for diminished value.
- Who was at fault?: If you caused the accident, you cannot make a diminished value in Oklahoma.
- If you are involved in an accident with an uninsured driver, you will not be able to collect diminished value from any insurance company. If hit by an uninsured driver, your only option is to file suit against the at-fault driver.
- What state the accident occurred in: Every state has unique regulations and statutes regarding diminished value claims.
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Will the Insurance Company Pay My Diminished Value Claim?
You are entitled to a diminished value claim in Oklahoma if you were not at fault. Oklahoma policies do not allow you to make a diminished value claim under your policy.
What If My Car Was Repaired Correctly?
Even if your car looks great, appears to be in excellent condition, and was repaired correctly, it will likely still suffer inherent diminished value in Oklahoma and other locations. There is a legal obligation to disclose that the vehicle was involved in an accident to potential buyers. However, buyers will not pay the same price for an undamaged vehicle compared to a vehicle with a reported accident history.
A diminished value claim can help to recover the difference in value. The claim looks at the current value of your vehicle after being repaired from a damage-causing collision and contrasts it with what your car was worth before the accident. As trusted diminished value appraisers in Oklahoma, we can help you recover your vehicle’s loss of value.
What Are the Three Types of Diminished Value
- Inherent diminished value -Refers to the vehicle’s resale value immediately after repairs from an accident. Even if the car was repaired back to factory specifications, the accident history decreases its value and limits its marketability to potential buyers. Inherent diminished value is the most common type of diminished value claim.
- Repair-related diminished value – refers to substandard repairs on your car, which may further reduce your car’s value, such as substandard parts, improper fitment, refinish concerns, etc. This form of diminished value often falls on the responsibility of the repairer and reinforces the importance of finding a reputable collision shop.
- Immediate diminished value – This type of claim refers to the resale value immediately after your car is involved in an accident before it gets repaired.
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How to File a Diminished Value Claim
Filing a diminished value claim can be more complex than collecting for the property damage portion of the claim. This is because the burden of proof in a diminished value claim is generally your responsibility.
If you are the at-fault driver, you cannot file a diminished value claim in Oklahoma. If the other driver is at fault, Oklahoma does entitle you to diminished value from their auto insurer.
The first step is to prove your vehicle’s value. You and the dealer have a potentially vested financial interest in the claim. If you attempt to prove your claim on your own or use a dealer’s opinion, your claim will likely be denied.
You must document the car’s value from an established reputable source, such as Kelley Blue Book or NADA. Other common documents required in the claim process include photos at the accident scene and documentation of the repairs made to the car following the accident. A police report is always helpful in overcoming any disputes of liability.
Next, you will need to prove your car’s diminished value. To do this, you will likely need to get the vehicle appraised by a professional. Finding a reliable, certified appraiser is the key to filing a successful diminished value claim.
When filing the claim with the insurance company, ensure you satisfy all of the conditions for the claim and have the best chance of receiving compensation for your loss.
It is important to note that state regulations also affect how diminished value claims are handled. Since every state has different statutes regarding insurance, researching state laws will better help you understand your rights regarding the diminished value of your vehicle.
The Diminished Value Process
Can the Insurance Company Deny My Diminished Value Claim?
Unfortunately, no matter how well you prove your diminished value claim and how much evidence you provide, the insurance company can still deny your claim. Filing and attorney fees are recoverable in Oklahoma, so the insurance company has every reason to settle your diminished value claim with you directly. However, you may file your claim in small claims or civil court.
Suppose the insurance company denies your diminished value claim for any reason. In that case, Collision Safety Consultants of Oklahoma can help you to retain an attorney to review your loss of value claim.
You Are Not Alone
Collision Safety Consultants can handle the entire process from beginning to end. We’ll reduce the stress and anxiety you might be feeling and help you get the result you want.
Other businesses may generate a report for you, but we contact the insurance company on your behalf and work with them to resolve your claim. There are no worries for you – we don’t expect you to have the time to handle the claim or the required knowledge about diminished value. It also means that we can ensure you are paid the total amount of loss.
At Collision Safety Consultants, we can also access the finest legal experts in the state to help you if the insurance company tries to be unjust and unreasonable.
If you have more questions about diminished value, please visit our FAQs page or contact us directly.
Is a Diminished Value Claim Worth it?
Filing a diminished value claim is more complex than collecting the cost of repairs. Your vehicle is worth significantly less after an accident, even after being restored to its original condition. Damage to newer vehicles often results in thousands of dollars in depreciation. Fitting a claim for the car’s diminished value could compensate for the significant financial loss.
Ready To File Your Claim Now?
If you are ready to begin your diminished value claim, please click the button below and attach your final repair estimate. A licensed diminished value in Oklahoma expert will get back to you on how much you could be owed for loss of value.
How Long Does it Take to Settle a Diminished Value Claim?
Diminished value claims usually take longer to settle than standard auto repair claims. Since these claims are more complex, they can often take weeks or months to finalize. You may even need to hire an attorney to file your case to get the best results, further extending the process.