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A Guide To Handling A Diminished Auto Value Claim

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Buying and owning a car requires a lot more than just changing the oil. To really keep up with the automobile's value and safety, maintaining insurance is half the battle. When you want to get the most out of your vehicle and auto insurance purchase, allow the three tips below to guide you. 

Reach out to your insurance provider to relay all the facts of the accident 

In order to bounce back after your car accident, it is vital that you reach out to your auto insurance provider as quickly as you can. The auto insurance provider will take a statement from you in order to get the full details of the accident. Getting this on the record is crucial because it is the insurance company that will help facilitate the process of getting repairs or a replacement car. With car accidents, diminished auto value claims become crucial. 

A diminished auto value claim can reimburse you after getting into a wreck. Your vehicle's market resale value takes a hit after getting into a car accident, even if you get it back into tip-top shape. For example, if your vehicle is worth $12,000 before the wreck, and even after getting it perfectly fixed, the resale value is worth $7,000 because it now has an accident history, you will want to recoup the difference. Filing a diminished value claim gives you a payout to account for this. 

Keep track of your claim and track every detail

Staying on top of details is the best thing you can do when handling a diminished value claim. For starters, you need to have an accurate picture of the vehicle's value before the accident and after the repairs. It will be worthwhile to hire a third-party appraiser to get a clear idea of the value. Make sure that you take your car to a credentialed and trustworthy auto repair shop as well, in order to recoup as much value as possible. Be meticulous and keep records of every transaction so that you can file the best claim possible. Depending on your circumstances, you might seek inherent diminished value, diminished value related to repairs, or immediate diminished value. 

These claims are multifaceted and can take a while, so stay patient throughout. You might have to get a rental car in the interim to help you get around. Check with your insurance provider to see if they make provisions for a rental. Most importantly, get a full medical checkup to make sure you're injury-free, or able to heal up thoroughly. The better you care for your well-being and necessities, the more patience you'll have throughout the diminished value claims process. 

Follow the three tips in this article in order to handle a diminished auto value claim. For more information, contact a company like Chicago Auto Appraisers today.