For many the best day of their lives was when they purchased a car of their own, the car of their dreams. They get it insured and have fun with the car for as much as they can. After all the fun and the plans you have made for your car in order to use it for business or probably sell it off, the saddest day for some becomes the day they involve their cars in an accident or damage it severely. Although their insurance company helps you to do a proper repair, the fact remains that it has been recorded and the value of your car affected. If there is anything you need to know as a car owner, you need to know about the diminished car appraisal Orange County, CA. There are many thing that might not be communicated by your insurance company but you will need to know them so that you can stand on your right. Having a diminished value compensation is one of them, your insurance company is not obliged to tewll you about it but they are obliged to pay for it.
What is a diminished car value appraisal?
In simple terms, an appraisal is an evaluation carried out on an item (in this case, a car) by professionals using different metrics and criteria until a worth can be assumed for the item.
In the same manner, a diminished car value appraisal is the appraisal carried out on a car that has been involved in an accident. The problem that you might not understand is that, once your car has a history of accident, no matter how good the repairs might be, it has created a lasting dent on your car, and the value can never be the same again. It is a non-recoverable loss, but this loss doesn’t have to be borne by you alone. So what can you do? The next line of action is to file a diminished car value claim to your insurance company.
What is a diminished value claim?
As you know, the diminished value appraisal gives you the report of how much your car is now worth after the accident, the figures would have dropped but the great thing is that you know exactly by how much it has dropped.
With the appraisal in your hands, the next big thing for you would be to run to insurance company to compensate you for the loss of value your car has sustained. No one will ever buy a repaired car for the same price they can buy a car with no accident history. Provided your insurance company offers this service, then you are entitled to lay down your claim and they will compensate you duly with the amount that is assumed your car worth dropped by.
Conclusively, you need to have knowledge to know how to deal with things. We hope this article will provide the much needed information to help yourself.