Auto Insurance Claims: diminish value -how to file?, diminished value claim, diminished value appraiser

Question
Hi,

My folks were recently in auto accident (not at-fault) but the at-fault party only purchased the WA state minimum coverage.  My parent's car value has diminish by at least 20K due to this accident plus the CPO coverage has now been affected as this will no longer be a CPO car so we are planning on filing a DV claim.  Do you have any suggestions on the process? What should be in the demand letter? What documents should I provide if any?  How do approach the insurance?  When would be right time to file?  We also filed a personal injury claim should we wait until that is settled before filing the DV claim?

Because the at-fault party is only carrying the state minimum does this mean, I wanted to check before filing in case it would be a waste of our time.  If we file with my parents insurance, how likely are they willing to pay since my parents were not at-fault with the accident?  It is my understanding the WA state law does not have a DM law to protect consumers.


Thanks,
MJ

Answer
Hi MJ,

In this situation there are very specific steps that must be taken to be able to make a diminished value claim. You will need to hire a professional diminished value appraiser to develope the appraisal document that will establish the amount of the loss. Also, if the cost of repairs is more than the minimal coverage and your parents are going through their own coverage for the repairs, there are steps that must be taken to keep them from taking all of the available money.

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

I hope this helps
Richard Hixenbaugh