Auto Insurance Claims/Diminished value

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Expert: - 2/2/2010


Question
I was sitting still at a red light and was hit from behind at full speed.  I clipped the car in front of me and landed next to him who in turn hit the car in front of him.  My vehicle is a 2005 Suburban and has now an estimated repair value of approx $10,000 worth of damage.  I will never be able to sell the vehicle which was in excellent condition to begin with because of the collision history now.  How do I investigate this diminished value?

Answer
Hi Kim,

You are correct. Your vehicle's value will be less than before due to the accident history. The loss of market value is referred as Diminished Value. You are entitled to be compensated for the diminished value of your vehicle in addition to the repairs.  

To learn more about diminished value, visit www.collisionclaims.com .

I hope this helps
Richard Hixenbaugh

Auto Insurance Claims

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Richard Hixenbaugh

Expertise

Auto insurance claims procedure, auto coverage, liability issues, auto damage questions, how to deal with the insurance company, loss of use and diminished value.

Experience

I have been involved in the insurance industry for over 25 years. I have experience in underwriting, sales, claims adjusting, auto damage estimating, auto value appraising and diminished value appraising. I have testified as an expert witness over 35 times.

Organizations
Society of Certified Auto Appraisers

Education/Credentials
Completed all required courses for the Florida Property-Casualty agents license and the Florida claims adjusters license. I have attended various courses on auto damage estmating, vehicle appraising and am ASE certified in collision damage analysis.

Past/Present Clients
My company has done work for consumers nationwide.

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