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Car Diminished Value

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Car diminished value is a major problem for anybody who has been in a car accident.  In some cases, it is difficult to get insurance companies to pay diminished value claims, and in states where the government has stepped in, insurance companies claim that such actions will result in higher insurance premiums.

What is diminished value?  Diminished value claims are filed after an accident to recover any money or value that has been lost as a result of the accident.  While there are several different types of diminished value claims, the most common is inherent diminished value.  This type of car diminished value is determined after all car repairs have been made, and is the loss of value to the car based on the lowered resale value of the car.

Another major type of car diminished value is repair related. These diminished value claims are only brought up if there is any damage left on the car after the car has been repaired. 

There is no set way to determine which accidents should result in diminished value claims.  However, a general rule of thumb is that it is easier to file a claim on a newer car than it is on an older car.

The recent decisions on car diminished value in the Georgia state courts may affect the way that insurance premiums are calculated and charged.  The reason for this is that if diminished value claims are a required part of any insurance policy, more money will have to be paid out by the insurance companies.  This, in turn, can result in an increase in insurance premiums in areas where diminished value claims are particularly common.

There are other possibilities as well for these insurance companies.  Even though the state of Georgia finds that car diminished value should be a part of every insurance policy, it is possible that insurance companies could start offering policies with diminished value specifically omitted, or charge higher insurance premiums to people who want the ability to file diminished value claims.

If you have been in a car accident and you’re worried about being able to file a diminished value claim, contact an attorney with car diminished value experience in your locality.

Learn Lessons from the Insider Secrets
One of the most recognized authorities in car accident settlements is Dan Baldyga.  Dan is a retired former national claims manager for one of the nations largest insurance companies. He was an expert company-side witness in hundreds of cases who saw how badly consumers were taken advantage of by the insurance and legal systems. He wrote his first self-help book and was promptly fired. Dan Baldyga is a selected Car Accident Settlements expert.

Dan's expert information is great for the everyday, non-technical reader:
 
How to Evaluate & Settle Your Loss

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