Diminished Value Oregon
Given a choice to purchase two vehicles that were identical in every respect, except one vehicle had been in in a prior accident, and one which had never been in accident, which vehicle would you choose? For you to purchase the vehicle that had been in a prior accident, how much less would you need to pay? This difference in price is known as diminished value and it is affecting millions of vehicle owners in the State of Oregon each year.
Diminished Value affects everyone that has been in accident whether they are aware of it or not. Unfortunately, for many people, the first time they hear of diminished value is when they go to sell or trade their vehicle and the party that was going to purchase the vehicle told them they would be paid less because the CARFAX showed the vehicle had been in accident. At that time, it is often too late to do anything about it.
Diminished Value is alive and well in Oregon!!!
Despite what insurance companies tell you, diminished value is real and it is compensable in the State of Oregon. Oregon is one of the pro-consumer states when it comes to diminished value and total loss claims. As per the State of Oregon, Division of Insurance, Diminished Value is defined as: “After an accident, and after repairs have been made, if a vehicle is worth less than it was before the accident, its value has diminished. That difference in market value is called diminution of value. Most auto insurance policies exclude coverage for diminution of value.”
Diminished Value is recoverable against a third party in the state of Oregon. What this means is that if that if someone causes you a loss because of their negligence, you are entitled to be compensated the amount of that loss.
Diminished value is not necessarily recoverable in a first party claim. A first party claim is when you make a claim against your own insurance company for an accident that you caused. In Oregon, first party diminished value claims are only recoverable in certain situations.
An Oregon insurance company ignored my diminished value claim!! What should I do??? How do I get the money I am entitled to?
Hire a diminished value expert – There are a few companies that will handle your diminished value claim from start to finish. Some of these companies charge fees upfront and some of them will handle your claim with no upfront fee but will keep a portion of the recovery. Advocate Auto Consultants is a diminished value specialist that does not charge any upfront fees. They also have an A rating with the Better Business Bureau. You can visit a diminished value expert online at Advocate Auto Consultants.
Fight the insurance company yourself and purchase an appraisal – If you want to fight the insurance companies, strap yourself in for a battle. The first thing you will need to do is generate some evidence of the amount of your diminished value. Courts have held that any competent evidence can be used including an appraisal for a diminished value appraiser. These appraisals range from around $100.00 to $500.00 depending on whether an appraiser comes to do a physical inspection of your car. Two online appraisal companies that appraise Oregon diminished value claims are listed below.
After you have purchase your appraisal, you need to make a claim with the at-fault party’s insurance company. After you make the claim, you can expect the insurance company to offer you the following reasons for not paying your claim.
- There is no such thing as diminished value.
- Because your car has been repaired, there is no loss of value.
- Until you sell your car, you have not actually incurred a loss.
- The repair of your car actually made it worth more than it was before the accident.
- There is no way to prove how much the diminished value is.
The reason you should ignore these comments is because they simply are not true. For every dollar that the insurance company does not have to pay you, it makes them one dollar richer. That is why they will do everything they can to deny your diminished value claim.
If the claim is large enough, you may be able to hire a lawyer to take your claim on contingency. There are a handful of lawyers that specialize in diminished value and if they will take your claim, you probably have the best chance of recovery.