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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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