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Diminished Car Accident Value Calculator in New York City
After an accident, it is your responsibility to file several different car insurance claims. This is especially important if you have been injured in an accident due to another person's negligence like distracted or drunk driving.
You cannot count on insurance companies to represent your interests to the fullest and this is especially true when you need to file a claim against the other party's insurance carrier.
One such example of a claim that you might file against the other party's insurance company is a diminished value claim. Educating yourself about a New York City diminished value calculator can help you prepare for this process and decrease the chances of being taken advantage of by an insurance company. There are no specific rules about how insurance companies can calculate what's known as diminished value or the damages that you experience due to loss in value of your vehicle due to going through an accident.
This can apply even in circumstances when you have had thorough repairs with original manufacturer parts because the simple fact of being in an accident itself can decrease your car's overall value. Many insurance companies use a formula known as 17c drawn from a Georgia vehicle accident case to identify diminished value. This does not mean, however, that you are solely limited to the findings of the 17c formula. You'll want to do your own research and gather your own information about this process so you can greatly increase your chances of a successful recovery in a car accident.
Why Are These Claims Allowed?
You are hurt in a lot of ways when you’re recovering from an accident caused by another person, but one of these ways has to do with the resale total of the car itself. When you repair your vehicle in full, you might assume that it is good as new. You might even put a lot of effort into making sure that actual manufacturer parts are used and that the car goes to a good body shop.
However, even when the repairs are done well and the car is safe to drive, buyers of used cars are nervous about taking on a used vehicle that has been in an accident. To compensate you for the loss in value on your vehicle because of the repair damage and the severity of the damage, you can pursue a diminished value claim.
Bear in mind that this gets filed against the other person’s insurance, not your own. Even your own insurance can be difficult to deal with during the process of recovering compensation. But when it’s the other person’s insurance company, there’s even less of a chance that they will be easy to work with in arriving at a final number from a New York City car accident diminished value calculator. You might have to figure out your own numbers and make a case to them about why you deserve to have more compensation than what was provided. When you go against the insurance company’s calculations, that’s when you want to have all your own evidence organized in advance so that you can show the value of your vehicle and how that has been impacted.
You need a fair market value for the car to start with and the actual damage done, which can be objective between you and the insurance carrier.
When Should I File a Diminished Value Claim?
There are several circumstances when it makes sense to educate yourself about a New York City car accident diminished value calculator. These include a few factors, such as:
- Your car's overall value prior to the accident.
- Which person was at fault since your own insurance company will not process your diminished value claim?
- Your state's laws, which should be verified by asking an attorney.
- Whether or not the other driver was insured.
- How to File a Diminished Value Claim?
The first step in understanding a New York City car accident diminished value calculator is to open your own diminished value claim post-accident. It is strongly recommended that you do this as soon as possible after the accident has happened since every state, like New York, includes a statute of limitation periods for property claims. You'll need to determine who was at fault first since you have the best chance of a diminished value claim when you can file this against the at-fault party's insurance company.
Providing copies of documentation like the police report can help this case. Check the insurance company's rules and state laws to verify you are in a good position to do this and this can make an excellent opportunity to retain an experienced personal injury lawyer to help you with that process.
You'll also need to find your car's own diminished value. Even though the insurance company will use their own New York City car accident diminished value calculator, it is strongly recommended that you do this on your own to increase your chances of successful recovery. You can also work with a professional appraiser to determine your car's diminished value but you can do research on websites like Kelley Bluebook and NADA to determine your vehicle's value. Body shops and local dealerships can also prove helpful in doing research about your car's diminished value. If you get support from any of these places, ask for a sign report to back up your claim. Remember that any costs you may have to pay for those services could also decrease your total claim payout so ensure it's worth the effort to get this information and ask for the requirements of fee payments upfront.
Understanding Diminished Value Claim Calculation
There's a good chance that you've probably had no experience with a New York City car accident diminished value calculator until this point so you need to educate yourself about how this process works so that you could make a compelling case for a full and fair recovery. There is no one New York City car accident diminished value calculator but you can count on the fact that most insurance companies use the 17c formula. This starts by calculating what your car is worth.
Use an outside tool to do this, such as Kelly Bluebook. Input the car's mileage, model, year, and the depth of damage in the wreck. Remember that your perception of the extent of damage might not be the same as the insurance company's and this can be commonplace for you and the insurance carrier to disagree and to end with different numbers in the New York City car accident diminished value calculator.
You can use these online calculators to crunch the numbers for you and find the overall value which is the maximum amount you would be able to obtain in a diminished value claim. Don't stop here, however, as this is only the first step in a New York City car accident diminished value calculator. The next phase is to apply a damage multiplier which depends on how much overall damage was done to your vehicle and this is calculated by the insurance companies. For example, a multiplier of 1.00 applies when significant structural damage has harmed the vehicle. If moderate damage applies, then a multiplier of 0.50 would be associated with the original number you found, and if no structural damage occurred, the multiplier is 0.
You have one more multiplier to calculate, known as a mileage multiplier, in finishing your New York City car accident diminished value calculator process. This is based on the total number of miles on your vehicle. For example, if you have over 100,000 miles on the vehicle at the time you are doing this calculation, a multiplier of 0.00 applies. If you have 80,000 to 99,999 miles, a multiplier of 0.20 applies. For between 0 and 19,999 miles, a multiplier of 1.00 applies.
Protecting Your Diminished Value Claim
Your insurance company will not tell you more about what you can do to get a bigger payout. This is especially true since you'll be filing the claim with the other party's insurance carrier. You may be able to hire an attorney to help you with this process and increase your chances of a diminished value claim. Insurance companies might have to pay a diminished value claim depending on who is at fault and the state laws that apply.
Only one state, Michigan, doesn’t mandate the payment of a diminished value claim. This means that you can use a New York City car accident diminished value calculator for accidents in that state. Your car insurance contract also determines whether or not the company is required to pay a diminished value claim. If you are at fault in an accident, car insurance companies will typically not pay our diminished value claims but in the event, someone else has caused it, you are eligible to open a diminished value claim with their own insurance policy. In all of these circumstances, educate yourself and fight for your rights.