Insurance Companies Liable To Pay The Diminished Value Claim

There are several reasons why a diminished value auto claim has to be made especially if the car that had been through an accident got completely wrecked. The reason is that the car repairs are to be paid by your insurance company but due to the accident your car has been listed with the Diminished Value Auto list and this has brought its price down to at least three to four fifths of its original value.

Most people around the world do not like to buy cars that have ever been through an accident how ever much the repair may not be shown by the professional work that the mechanics, denters and painters do to make the body look as smooth and the mechanics add all the parts to be as genuine as they were before but then again they were not original and the car had been banged up badly to be listed in the Diminished Value auto.

A few professionals say that

"We do not believe that it is automatic or inherent that an auto's value diminishes after an accident if the proper repairs by a skilled professional are made as they should be."

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These professionals are those who are related to the insurance companies in some way or the other and not having to pay the Diminished Value auto claim they state such words. How ever technically speaking the car is changed back into a brand new one yet still it is not on the top of the priority list of a buyer.

Several people look up cars of the model they are looking for and check what color is the most common and then they also see that how many cars have been in an accident to see if they can find a car with an extremely low price or just avoid buying a car that has ever been wrecked. A Diminished Value auto is definitely not the choice of a person who buys second hand cars.

Many people are not aware that the courts in several states have ordered that the loss includes the lost value which means that the insurance has to cover the diminished value auto and the claim should be made by the owner of the car. It is important to hire an expert if you do not know much about the law or if you have not had good experience with insurance companies and claim your Diminished Value auto.

There are some insurance companies that claim that the diminished value auto at times gains value because after it gets wrecked too badly and needs big parts like a completely new engine then it gets into an even better shape than what it was in before. Due to this reason the diminishes value auto should actually get a better price and if the owner is not ready to sell it then definitely he would have to pay for the extra payment that the insurer paid for the heavy damage. How ever this is not true because this is also a part of the Diminished Value Claim and the insurance company has to pay for it in all cases.