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An accident, even if it isn’t your fault, can result in a significant loss of value to your car. If this has happened to you, you might want to consider filing a diminished value insurance claim to help recover some of those losses. If you’ve been in an accident near Speedway or Indianapolis, and want to recover some of that lost value before you trade-in you vehicle and finance your next purchase, read all about it here, then come see us at Indy Car Finance.
What is a Diminished Value Claim?
If your vehicle has been involved in an accident, even with expert repairs, its value can decline by as much as 75 percent. This can be a significant blow to your investment, particularly if your vehicle is new or you are still making payments on it. A diminished value claim allows you to recoup some of that loss from the at-fault party’s insurance policy – so long as that party isn’t you.
In all cases it is up to the person filing the claim to prove the loss, so you will need a few items before you can begin:
- Pre-loss Value. This will show the value of the vehicle immediately prior to the incident.
- Post-repair Appraisal. Have the vehicle professionally appraised to show the change in value after the repairs are complete.
- Updated Trade-in Value. You’ll need a document from a dealership showing the car’s new value and demonstrating that this change was due the accident.
Most insurers will argue that a diminished value claim doesn’t exist or will attempt to pay drivers a figure that is much lower than they are asking for. It’s up to the claimant to be an advocate for their cause.
Planning on Getting a New Car? Let Indy Car Help
Whether you want to replace a car with diminished value or it’s just time to trade up to something new, the credit experts at Indy Car Finance can help. Let us show you how easy it is to get the financing you need, whether you have great credit, no credit, or need to build your credit rating back up.
Don’t Let Diminished Value Stand Between You and The New Car You Need
Once you’ve finished with your diminished value insurance claim, stop by Speedway Chevrolet at 5252 W 38th St in Indianapolis or contact Indy Car Financing at (855) 468-6215 to speak to a credit associate today.