Diminished Value Loss of value
   WHAT YOU NEED TO KNOW

Often your vehicle is the second largest investment you make.


How do you protect the value of your investment if you are involved in an accident?  

After an accident you must first determine if your vehicle should be repaired or replaced.  
|FIND OUT WHY - SLIDES|

Some questions to ask are:

  1. What is the fair market value or the ACV (Actual Cash Value) of the property just before the accident. 
     

  2. What is the value of the property just after an accident, but before repairs.
     

  3. What is the estimated cost of repairs to restore the vehicle to pre-loss condition.
     

  4. What is the fair amount of the loss-of-use for the vehicle during the repair process.
     

  5. What is the fair market value or the ACV of the property after repairs.

If it is determined that your vehicle should be repaired it is necessary to choose a repair facility that you trust and get an accurate estimated amount of cost of repairs.
Physical Damage Appraisal

Have the cost of repair estimate reviewed for thoroughness and accuracy to make sure it includes all the necessary procedures to have your vehicle repaired to pre-accident condition.
Claim Audit

After the vehicle has been repaired, have it inspected to determine if all the procedures paid for were fully completed to industry standards.
Post Repair Inspection

Determine what the value of the vehicle is after the completed repairs.

Make a supplemental claim with the responsible party for any amount of loss that was not reimbursed.  This may include differences in the cost of repairs, any loss of market value, any loss of use.
Loss of Value Report

Upon making a supplemental claim for all that you are owed under your policy and the law, your claim will either be paid in full or you will begin the recovery process.  
Recovery Process

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