Determining and Collecting the Diminished Value of Your Vehicle

MIAMI - June 6, 2014 - PRLog -- If your brand new car hit an accident and cause a serious damage to your vehicle, how will you determine and collect the diminished value of your vehicle. You will; have to follow step by step procedure to complete devaluation procedure. Never claim diminished value without repair. It is impossible to determine the value of vehicle unless it is repaired. The diminished value is calculated on a simple formula. The difference between prior and after the accidental value of the vehicle, is known as diminished value.

You will not be able to collect diminished value only when it is determined. There is the conflict among people for the determination of value of diminished value when a vehicle destroys in an accident. The value of vehicle before accident and the value of that vehicle after the repair are two most famous terms used while determining the diminished value of a vehicle. But this formula is inadequate as it does not tell about brand, color of the car, model of the can and much more.  Don’t use this method to determine the diminished value even your company force you to do that. Lease wait for a while and discuss this matter with the nearest people like friends and relatives etc. more over take the opinion of some experts from a law firm like Florida Crash Money.

Most of these companies like (http://floridacrashmoney.com) have the diminished experts that help you to determine the value of vehicle after repair to get diminished value. The insurance company will never offer you the price of diminished value after damage. But it’s your right to get diminished value from your insurance company. You will have to sue the insurance company and hire a professional lawyer to fight your case against your insurance company. We have seen some people fighting their own cases in the courts but you will not be able to fight your diminished value case because of some technical reasons. Only a processional can do that for you. It is their routine work and they better understand all the possible technical issues that need to be kept before court to make it stronger in your favor.

In the most cases you don’t have to fight your case properly in the court because most of the insurance companies negotiate with the clients and never want a customer to go in the court for an action against that insurance company because it is against the good will of the company when it is summoned in the court by their lawyers. That’s why most of the cases are resolved outside the courts when a customer asks them to go to the court for the valuation of diminished value of your vehicle. For the common people, it is not possible to ask these insurance companies for diminished value. You can also claim a diminished value of the car even when you have received a check of the insurance claim for the settlement the damaged car. But it is only possible when you did not sign the free liability letter in the favor of insurance company. When you free insurance company from its liability, then it will not possible for you to claim diminished value from your insurance company.

So it’s always recommended to hire a professional diminished expert that can fight against insurance company in the court. It is not a mandatory requirement or a rule that need to be followed, it is just a suggestion to deal with that kind of products. It is often recommended for those people who don’t know about diminished value and its importance for you. You can also do it yourself, if you can.