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Diminished Value Claim Oregon: What Every Car Owner Needs to Know
Diminished Value Claim Oregon: What Every Car Owner Needs to Know
Did you buy a car for the first time, and now it’s involved in an accident? The situation can be extremely stressful, not only because your precious investment is damaged, but also because its market value is decreased. But in Oregon, car owners have a solution that you might not be aware of. You can file a diminished value claim Oregon. There are several people who have just bought a car and are unaware of what to do if it gets damaged in an accident. That’s why we are here to talk about diminished value claims. So, let’s begin.
Diminished Value Explained
Diminished Value Explained
When your car is involved in an accident, its market value immediately drops due to the damage it suffers. Even if you take the car to an auto shop and get it properly repaired, and the vehicle is restored to its factory-fresh condition, it won’t have the market value it had before the accident. It’s because your car now has an accident history, and people will hesitate to purchase it.
In this situation, the reduction of your car’s value after an accident is called the diminished value. If your vehicle is worth $133,000 and its value drops to $112,000 post-accident, then the remaining $21,000 will be your car’s diminished value in Oregon.
Types of Diminished Value
Types of Diminished Value
There are three different types of diminished values; let’s scroll down and learn about them.
Immediate Diminished Value
Immediate Diminished Value
Your car’s market value drops the second it is involved in an accident. The subtraction of your car’s new market value from the pre-accident value is the immediate diminished value. If your vehicle is worth $133,000 and its value drops to $112,000, then $21,000 is the immediate diminished value of your car.
Inherent Diminished Value
Inherent Diminished Value
Once a vehicle meets with an accident, it can not have the market value it had before being damaged. It is true even if the car is restored to its factory-fresh condition. It’s because the vehicle now has an accident history. The difference between your car’s pre-accident value and post-repair value is the inherent diminished value. If your $133,000 car is repaired and is worth $122,000, $11,000 will be its inherent diminished value.
Repair-Related Diminished Value
Repair-Related Diminished Value
After a car is poorly repaired after an accident, its market value further drops. The reduction in your car’s market value caused by poor-quality repair is called repair-related diminished value. Suppose your $133,000 car is repaired with substantial parts and is now worth $100,000; $33,000 will be its repair-related diminished value.
The Diminished Value Claim
The Diminished Value Claim
A diminished value claim is an insurance claim that allows you to recover the difference between your car’s pre-accident and post-accident value. You can file this claim even after the vehicle is repaired. Just file the claim within the statute of limitations.
We are ADR Claims, a professional appraisal company. If you are filing a diminished value claim in Oregon, you will need a market-supported appraisal report, and we can provide you with it. We will also guide you through the settlement process and help with filing the claim. Contact us to file your appraisal service.
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