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Factors Need To Consider For Reporting Diminished Value Claim

Posted by Marcos on

Virtually all states permit individuals to file a diminished value claim after a car accident provided that they are not at fault. There are mainly two types of diminished value insurance claims which are first-party and third-party insurance claims. The first party entails that the damage is caused by his or her own behalf and the insurance company will cover the losses for the claim. This coverage depends on what is incorporated or expelled in the policy. Third-party insurance claims mean that the other party was at fault and consequently the other insurance corporation will disburse the amount mentioned in the claim. All state courts allow people to claim for diminished value.

There are various factors that need to be taken into consideration while evaluating the diminished value claim of the vehicle, which are as follows;

  • The age of the car
  • The condition before accident
  • The value of the car before damage
  • Any previous accident encounter
  • The mileage of the car