Been in accident? Not your fault? Your car is now worth less and you may be eligible for a Diminished Value Settlement from the insurance company. BUT, it depends on how long ago the accident was, and in what state.
What is the Diminished Value of my Car after an accident?
In third-party claims for property damage to automobiles because of a collision for which a third party was at fault, the measure of damages is traditionally (but not always) the difference between the market value before and after the collision (“diminution of value”) or the reasonable repair value – whichever is greater.
How long after the accident can I file a claim?
The length of time in which you may file a Diminished Value claim varies by state. Claims must also be filed in the state where the loss took place. The length of time you have to file a claim is called the Statute of Limitations. The Statute of Limitations places a time limit in which you may take legal action to recover your loss. Please check with your state or the state where the accident happened as these laws occasionally change.
Listing of Diminished Value Statute of Limitations by State:
|For 3rd party claims, the time between the date of loss and filing suit should not exceed:|
|District of Columbia||3||Missouri||5||Tennessee||3|
|Indiana||2||New Mexico||4||West Virginia||2|
This means that in Rhode Island you are really in luck because you can collect on an accident that happened 10 years ago, and usually you can collect even if you don’t own the vehicle now. The opposite is true of Louisiana, where the statute of limitations (SOL) is only 1 year. You really need to get the ball rolling as soon as possible there.
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Want to get started on your Diminished Value Claim – it’s easy, give it try here