Diminished Value Claim Letter Example A Diminished Value Claim Letter is a formal document prepared by an insured person or company and sent to their insurance provider with the intention to reimburse the policyholder for the difference in the insured item s value
Sample 1 Accident Due to Negligence Dear Insurance Company I hope this letter finds you well I am writing to demand compensation for the diminished value of my vehicle following an accident caused by the negligence of your insured driver This is called diminished value which is the difference in your car s market value before and after the accident Depending on the circumstances of the accident a car insurance company might
Diminished Value Claim Letter Example
Diminished Value Claim Letter Example
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There are three different types of diminished value claims immediate inherent and repair related diminished value Each claim type refers to a unique way in which the vehicle s Here are the steps to filing a diminished value insurance claim at a glance Step 1 Contact the at fault driver s insurance company as soon as possible Step 2 Document pre accident private party value Step 3 Get a trade in value letter from a car dealer
Address Line 1 Address Line 2 Claim example 123456 2 Date of loss example 11 14 2018 At Fault Driver s Name Dear With regards to the insurance claim referenced above please accept this letter and the documentation attached as our Diminished Value payout request The Art of Demand Letters Structuring Your Claim for Success Navigating the aftermath of a car accident often involves more than just physical repairs it includes addressing the less visible yet significant issue of your vehicle s diminished value Understanding how to effectively communicate your claim for this loss is crucial
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The diminished value claim letter is your formal initiation of the claim with the at fault party s insurance company It needs to be meticulously drafted to encompass all pertinent details concerning the claim Here s a simplified example based on Sarah s scenario Dear Insurance Company I am writing to claim the diminished value of my Maximizing Your Diminished Value Claim The diminished value claim process can be complex but a well constructed demand letter is a powerful tool in your arsenal By following the guidelines outlined in this article and tailoring the example letter to suit your circumstances you increase your chances of a successful claim
This is the most common type of diminished value It s also the type of diminished value that an insurance company will compensate you for For example a vehicle was worth 30 000 just prior to being damaged After being properly repaired it is worth just 24 000 30 000 24 000 6 000 Inherent Diminished Value When making a Diminished Value claim it is important to send the insurance company a written demand The written demand needs to contain the following information Loss Payee Name of person owning vehicle At Fault driver s Name Date of Loss Date of Accident Claim Number Description of your Vehicle Damage or Loss Amount Cost of Repair
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Diminished Value Claim Letter Example - For this 20 000 car the diminished value after an accident would be 600 Formula Value of Vehicle x 10 Cap x Damage Multiplier x Mileage Multiplier Diminished Value Step Two Calculate the base loss of value 20 000 x 10 2 000 Step Three Apply a damage multiplier 2 000 x 0 75 1 500