First-Party vs. Third-Party Accident Claim (When Diminished Value is Accepted)
-If you have been in an auto accident and you personally were at fault, 9/10 time you will not be eligible to recover diminished value. This is because you would be filing a first-party claim toward your personal insurance company. In a first-party claim, you have a contractual relationship with your insurance company and you are unable to go against the terms your policy outlines. Most insurance policies specifically exclude coverage for diminished value in first-party claims.
-If you were hit by someone else, you are able to submit what is called a third-party claim. When dealing with a third-party situation, someone else hit your vehicle and claimed responsibility. This scenario means you can file a diminished value claim against that person’s insurance company under their property damage liability coverage.
-In order to submit a third-party diminished value claim, you will need to prove the inherent diminished value on your vehicle. This is where DVAC comes in. We will provide the necessary supporting documents that prove the diminished value of your vehicle as well as personally staying involved until your third-party claim is settled. We provide a comprehensive appraisal that documents all data needed to prove your claim is valid and in your favor. Let DVAC help today!
Automotive Diminished Value & Total Loss Settlements-(LICENSED)
877-879-0101 (Nationwide/Toll Free)