We are often asked, “When is an appropriate time for me to make a ‘diminished value’ claim for my vehicle. And while it may seem that the answer might be, ‘every time damage is done to your vehicle’… there are rules in play that guide the answer.
First of all, you cannot claim diminished value from YOUR insurance company. It is a claim against ANOTHER insurance company, representing someone who HIT YOU. It’s actually the threat of a legal action that prompts the other insurance company to either settle or fight it out in court. In our experience, court proceedings are rarely necessary.
Secondly, you may not claim diminished value if you are LEASING your vehicle. In such cases, you are not the owner of the vehicle – the leasing company is. YOU must OWN the vehicle that was damaged by someone else in order to make this claim.
If you own your vehicle, and it was damaged by someone other than you, you may proceed with a diminished value claim. Our best recommendation is to employ the services of Auto Damage Experts to assist you in this process.