Do I Qualify for Diminished Value?
Courts have said that vehicles involved in an accident suffer a reduction in value and that efficient repairs of any vehicle damaged in an accident may not have returned that vehicle to its pre-accident condition.
Diminished Value is negligible or nonexistent if:
- Your vehicle does not have a substantial market value. (usually cars under $7,000)
- You’ve already signed a release of liability form
- The accident caused a minimal amount of damage (usually under $500)
- The vehicle has excessive mileage (more than 30K miles per year)
- Your vehicle is too old (normally 10 years or older)
- Your vehicle has a branded title. (salvage or rebuilt)
- Your vehicle had multiple previous accidents with greater damage
- Your vehicle was declared a total loss (see our total loss page).
- The statute of limitation has lapsed. (see 1st part vs 3rd party claims)
- If you’re outside Georgia and courts have ruled against DV
If you are not sure or have a specific case, please call us at (678) 404-0455.
Fast Facts – Georgia:
- It makes no difference who’s at fault when filing a Diminished Value claim.
- Your insurance premium CANNOT increase due to a Diminished Value payout.
- By law, insurance companies are required to pay Diminished Value.
- You don’t have to hire an attorney to help you collect Diminished Value but might to for bodily injury.
- The insurance company CANNOT cancel your policy for collecting Diminished Value.
- $15,000 is the maximum you can sue for in a Georgia magistrate court.
- You may deduct uncollected diminished value off your taxes. See IRS form 4684*.
If you meet the basic qualification criteria, please fill out our Diminished Value questionnaire to get an idea on how much your vehicle lost in value. You can also call us at (678) 404-0455 or bring your vehicle to our location for a courtesy estimate. We also have field inspectors covering the greater Atlanta Metro area for your convenience.
Once you submit Diminished Value questionnaire, and within a few hours, you will receive a preliminary estimate from one of our licensed auto appraisers. The estimate will include instructions on how to move forward with your claim.
If the estimate you receive from us is consistent with the insurance company’s offer, then you’re in good shape, ask them to send you a check and don’t forget to send us referrals!
In most cases though, the insurance company will give you a low ball offer, this is where we come in and help you achieve the maximum compensation for your vehicle’s loss in value.
Items we need from you to compile a full Diminished Value assessment:
1- The Diminished Value questionnaire (or below)
2- Final Repair bill from body shop of final insurance estimate. (fax or email)
3- Pictures of the vehicle in question or a physical inspection.
4- Police Report (optional)
5- Make your payment. Click Here.
After this is submitted, please allow 1 to 2 business days to receive our comprehensive Diminished Value appraisal.
To collect for items repaired poorly, a physical inspection is required to assess a monetary compensation for those items.
*We don’t offer tax advice. Consult a CPA.