How to Get Paid on a Diminished Value Claim

There is no diminished value calculator that all insurance companies use to determine how much or if you should be paid. Each insurer manages their operations and claims processes differently. A diminished value from State Farm could be significantly different from a diminished value from Progressive for the same accident.

The first step in making a diminished value claim is to create a diminished value claim letter addressed to the insurance company. The advantage to assistance by a seasoned expert is that correspondence and letters are handled professionally. The diminished value claim letter typically includes information about the claim, such as the date of loss, claim number, and amount of money being claimed.

In order to support the amount of money being claimed for diminished value, an independent report from a licensed diminished value appraiser, public adjuster, or an auto claim damage professional is often required by the insurer. Diminished value claims that are not presented properly may get denied or significantly delayed.

The damage that happened to your vehicle plays an important role in measuring the loss of value, or diminution in value. The body shop estimate is a breakdown of the repairs that were done. Often, the extent of frame damage and mechanical damage has a greater impact on the overall diminished value.