How to Handle a Diminished Car Accident Value Calculator in Fort Myers
Were you recently hurt in an accident in Fort Myers? If so, you have the right to educate yourself about a diminished car accident value calculator in Fort Myers. This is what the insurance companies would use to determine the decrease in value for your vehicle before and after an accident.
It is not just the fact of being in an accident that can decrease your car's value. It is also the fact that you might have gone through a repair process that involves shoddy repairs or did not fully restore the total value of the vehicle. In these cases, it is best to educate yourself about diminished car accident value calculators in Fort Myers so that you are fully prepared to fight back against the insurance company in the event that they arrive at an unfair number.
You need to be familiar with how a Fort Myers car accident diminished value calculator is used and the kinds of evidence that you can collect to increase your chances of overall success.
Sadly, accidents can and do happen often in Fort Myers and they often leave the innocent victim paying the price. Not only do you have to go through the hassle of getting your car repaired, but you’re likely doing this at the same time as trying to get to all of your medical appointments. It’s a lot to think about and that’s why many turn to the help of a diminished value insurance lawyer to increase their chances of getting the compensation they deserve the first time out.
What Is a Diminished Value Claim?
A diminished value claim refers to an additional car insurance claim that is filed post-accident when you are arguing about the current damage done to your vehicle due to being in an accident.
Diminished value is usually collectible from the insurance company of the at-fault party and is claimed when you are involved in an accident that you do not cause. Insurance companies use a Fort Myers diminished value calculator to determine the amount that you are eligible to receive but it is not necessarily the case that you will agree with this number or find it fair and you need to be empowered to gather the right information or to hire the right attorney to assist you with this situation.
Diminished value is also known as the diminution of value and is the difference in cost between your market price for the vehicle prior to an accident and after an accident. Even if you had substantial repairs done with the original manufacturer's parts, your vehicle will still have lost value due to being in an accident itself. This is a distinct concept from depreciation.
Depreciation refers to the decrease in the vehicle's value over time whereas diminished value has to do with being in an accident and the repairs associated with that accident.
As a victim, you’re eligible to ask the other party’s insurance carrier about a diminished value claim and if you meet the grounds, they should award you these damages so long as you weren’t at fault in the accident. Of course, this can all become more complicated when the other party says that you were responsible for the accident.
Then you’ll need to not only gather your own evidence related to the Fort Myers car accident diminished value calculator, but you’ll also need to show that you were not the one who caused the accident to begin with. This can be an overwhelming task, so it’s a good idea to get on top of this strategy with the help of the right attorney. Planning to gather all these materials and present them to the insurance company in a compelling way will increase your chances of a full recovery of the amount you expected from the Fort Myers car accident diminished value calculator.
How Do Insurance Companies Use a Fort Myers Diminished Value Calculator?
Many insurance companies use a formula associated with a Georgia car accident case. This formula is referred to as 17c. There isn't a diminished value calculator that is used by every single insurance company in every state but the 17c formula is a relatively standardized one that can give you a good window into what car insurance companies are looking for when evaluating your diminished value claim. Insurance companies typically use the 17c formula or their own modified version of it. Start by finding your car's overall value. You can use Kelly Bluebook or the National Automobile Dealers' Association website to get further information on your vehicle value appraisal. You will input specific information about your vehicle so be as honest as possible when inputting this because this number will influence all the other factors in the equation.
Vehicle options, features, and details will all influence your car's value. This can include wheel type, engine, model, condition, make, and year. The next step is to determine what is called the base loss of value. A 10% cap is applied to the overall value loss due to the vehicle accident. This means that you will use the number estimated by the NADA to determine the cap. The maximum amount of value for a Fort Myers diminished value calculator is 10%. From this point, you will apply two different multipliers to identify what you are eligible to recover. Damage multipliers are first used to identify how the base loss of value is affected. This number ranges from 0.00 to 1.00 and is based on the insurance company's evaluation of the overall damage done to your vehicle.
For example, if your car has no structural damage or has not gone through any panel replacements, this multiplier will start at 0.00. However, if your car underwent significant structural damage due to the accident, the multiplier can go as high as 1.00. Gradations of 0.25 apply between 0.00 and 1.00. The next step is to apply a mileage multiplier. This is because vehicles that are newer likely have lower mileage on them and experience a more significant decrease in value because they were in great condition prior to the accident and had low mileage, making them more sellable on the market. The mileage multiplier functions much like the damage multiplier. Look at your car's odometer to identify the total mileage. If your vehicle's mileage is between 0 and 19,999 miles, a multiplier as high as 1.00 can be applied. If your car has 100,000 miles or more, 0.00 applies and gradations of 0.20 apply in between those two numbers. This will leave you with a final diminished value. There can be various problems associated with the diminished value appraisal. That 10% cap number, for example, is completely arbitrary even though it is highly relied upon by insurance companies. This precedent set under the 17c formula can mean that you could lose out on possible recovery in your car insurance claim. The best way to protect yourself and to increase the value of your recovery is to get inspections and appraisals by reputable third parties. Use these written documents as evidence to submit to the insurance company to fight for fair value.
NADA is a great starting place for identifying your vehicle's value but you'll want to find other circumstances to support your vehicle's fair market value claim. Kelly Bluebook, for example, might give you entirely different results than NADA so do your research and document everything in this process. You should file a diminished value claim when you're in a vehicle accident in which the other party is at fault to recover the decrease in value that your car went through. Many insurance companies prohibit you from filing a diminished value claim against your own insurance carrier so recognize that this may be different from existing insurance claims that you have. One of the most important things you can do is to file a diminished value claim as soon as possible, ideally in the days immediately following the accident. Since statutes of limitations on property claims usually will apply. Every state will have their own laws regarding diminished value so it can be helpful to retain the services of an experienced attorney or insurance professional. You can contact your state's department of insurance to learn more about these laws and what you can expect in the process.
Contact the at-fault party's insurance company and open a third-party claim to get help with your Fort Myers diminished value calculator. Every insurance company will use their own unique process for diminished value claims but you should be prepared going into this process to increase your chances of overall success by coming to the table with plenty of evidence and clarity on what you believe to be a fair claim.
If you know that you’ve already made a clear case and that the insurance company is not taking you seriously or giving you what you deserve, you might need to involve a lawyer.