When you’re involved in a motor vehicle accident, your car is never the same, even if it was brand new when you got into the collision. As a result, its value decreases automatically after an accident. You can submit an IDV claim for the diminished value of your car, but insurance companies might try to avoid payment.
Here are the top 5 excuses insurance adjusters use to avoid paying inherent diminished value and how you can get help from an experienced car accident lawyer.
1. “Inherent Diminished Value Doesn’t Exist”
Many drivers have never heard of inherent diminished value (IDV), but insurance companies and the adjusters who work for them should know about it. In Massachusetts, recent legislation was passed in the Superior Court, mandating that insurance companies cover inherent diminished value.
Even so, some unscrupulous insurance companies may try to pretend they don’t know what inherent diminished value is or that they’ve never heard of it. Insist that the law does provide for restitution for the diminished value of a vehicle after a collision and ask for a supervisor if necessary.
2. “We Don’t Pay IDV Claims”
An insurance company may also try to get away with saying that while other insurance providers do pay IDV claims, the particular one you are insured with does not. This is simply not legal. Insurance companies are required by law to pay diminished value claims for covered vehicles.
Ask for a copy of your insurance policy and go over it with a fine-tooth comb. Again, if the adjuster is insistent that they will not pay for an IDV claim, you should ask to speak with a supervisor. It’s unlikely that you’ll have to be transferred more than once to speak with someone who knows about the company’s inherent diminished value policies.
3. “You’ll Have to Sell Your Car”
Another common excuse used by insurance companies to avoid paying IDV claims is that in order to determine how much value was lost, your vehicle must be sold. They may try to suggest they will only pay the difference between the sale price of your vehicle and its Blue Book value before the car accident. But the truth is, you don’t have to sell your car at all to file an IDV claim and get paid.
Inherent diminished value means that the value of your vehicle after an accident is inherently lower, or automatically lower due to its collision history. Even if the vehicle is fully repaired, its value will be lowered simply as a result of being involved in an accident. IDV can be calculated without selling your vehicle and the sale price of your car should have no bearing on how much diminished value you can claim.
4. “Your Vehicle Was Repaired to Brand New Condition”
Some insurance adjusters may try to say that there is no diminished value because your vehicle was repaired to brand new condition or the same condition it was in prior to the accident. But even if you have the highest quality repairs done with the highest quality parts, your car will never return to its original value.
Driving a brand new car off the lot also automatically reduces a vehicle’s value by as much as a few thousand dollars, and during the first year, its value may be lowered by 20% or 30%. It’s impossible for any vehicle to be restored to brand new condition after an accident, or even after just driving it. Present your insurance company with the difference between your car’s pre- and post-accident value and insist that you speak with someone who can help you file an IDV claim.
5. “Call the Repair Shop”
Other insurance carriers might try to shift responsibility for diminished value on the repair shop. They may suggest that the repairs fully restored the vehicle and if there are any issues with reduced value, you should contact the establishment that performed the repairs.
However, mechanics and auto body specialists aren’t able to do anything more than the best quality repairs and restorations. If this has already been done, there will still be inherent diminished value that you deserve compensation for.
Call Inherent Diminished Value Lawyers Mazow | McCullough, PC Today
At Mazow | McCullough, PC, we’re dedicated to helping our clients recover the maximum possible compensation after a motor vehicle accident. We don’t just stop at medical bills and lost wages. We exhaust every potential avenue of compensation before closing your case. We’ll go over every detail of the incident and determine if you can bring forward an insurance claim or a personal injury lawsuit.
Contact us today for a consultation to discuss your legal needs by calling (978) 744-8000 or toll free at (855) 693-9084. Serving all of New Hampshire and Massachusetts with offices located in Salem, MA. Our legal team is available now to serve you.