Auto Insurance Claims: Diminished Value, diminished value, insurance companies

Question
Hi, my insurance threw out a little more than $100 after I demand the diminished value of my new car. I think it is a low offer, but I do not know what method and how my insurance used to calculate the diminished value? I tried the 17c formula. It yields more than the insurance offer though it may be not accurate enough. Can I request my insurance disclose how they calculated the determined value? What shall I do?

Answer
Hi Lou,

Diminished value is determined based on the age and mileage of the vehicle and the type and extent of the damage.

All insurance companies always lowball the amount of diminished value. You should ask the insurance company to send you in writing how they determined the amount. However, in order for you to properly assess the amount of diminished value to your vehicle you will have to hire a professional diminiahed value appraiser. For more information on diminshed value, the claim process and what's involved you should visit www.collisionclaims.com .

I hope this helps
Richard Hixenbaugh