Month: August 2023

Indiana is among the states supporting diminished value. This means that if you’re in an accident, the repair of your vehicle means retaining its resale value. Most cars in accidents don’t. 

Completely Independent Insurance Agency will help you file a diminished value claim against the at-fault party.

You’ll have to meet some requirements first such as:

*Repair documentation and pictures

*If you were at fault, you’re not eligible for diminished value

*The statute of limitations in Zionsville, IN is two years

Here’s what else you should know:

Isn’t Diminished Value The Same As Depreciation?

No. Diminished value is the difference between a vehicle’s value after repair from an accident and a vehicle’s value after normal wear and tear over time. When selling a diminished-value vehicle, it’s like he’s selling an ordinary car.

Diminished Value Claims

The statute of limitations for diminished value claims is two years. Uninsured and underinsured motorist coverage is available for diminished value, but not in the case of hit-and-run. There is law backing all this up, so if the at-fault party takes you to court, your Zionsville, IN attorney could win the case.

How It Works

It’s best if you hire a professional to prepare the pictures and documentation, such as a diminished value appraisal, for the insurance companies. Make sure this expert is of good reputation with plenty of experience and good reviews.

The claim with its corroborating evidence will be submitted to the at-fault driver’s insurance company. When you hire the diminished value expert (and having an attorney handy is a good idea), they’ll negotiate with the insurance company for an acceptable settlement.

Completely Independent Insurance Agency understands Indiana auto insurance. We’re standing by to help when you call or come by the office to learn more about it.