How to Claim For Automobile Diminished Value The Right Way

Consumer Helpline Produces Free Step By Step Guide For Policyholders

FT. LAUDERDALE, FL, April 25 /PRNewswire/ - Imagine you're stopped at a red light when someone rear-ends you. The insurance company pays for the repair as well as your deductible. However, your car now has a claim registered against it and through no fault of your own, public perception makes it worth less, a lot less, on the open market compared to a claim free vehicle. This is called Diminished Value.

"Most people didn't realize they incurred this financial loss until they tried to sell their vehicle some time later," says Viraf Baliwalla, creator of a website called MyCarIsWorthLess.com, an online diminished value calculator and consumer helpline. "They also didn't realize that they were eligible to claim for these damages. As a result, they were forced to absorb the costs out of their own pocket?

The common approach to trying to recoup diminished value has been to fight with the insurance company directly as part of the accident obligations. But unless you live in Georgia or a select few other states, this approach will fail miserably since diminished value is not covered as part of the standard auto policy. The standard policy only covers repair of the damaged vehicle, loss of use (ie: rental coverage) and loss of contents.

"Who reads and understands all the legal-eeze or knows all the complexities of the fine print" asks Baliwalla.

Apparently, he does. Baliwalla and his team have come up with a user friendly step by step guide called "Claiming For Diminished Value: A Step By Step Guide Of How To Claim For Diminished Value With Maximum Success".   The guide is available at no charge from his website, www.MyCarIsWorthLess.com.

"The proper way to make a successful claim is to pursue the at-fault party, not their insurer," says Baliwalla. "Their insurer is required to defend them and if you win, cover the cost of any judgments plus, depending on local laws, any additional expenses you incur in making the claim".

Baliwalla encourages insurers to save everyone a lot of trouble and frustration by settling fairly up front. "Some do while others make you go through the process" he adds. "Often, you have to show you're serious before a settlement is offered".

The thought of having to go to court is uncomfortable enough. Taking on an insurance company with deep pockets is that much more intimidating. However, most diminished value claims are at small claims court levels so people needn't be scared off.

"Just follow the steps in the guide and the process won't be as daunting as one thinks," says Baliwalla. Plus, they're assembling a list of expert local resources from across the nation to assist if required. This resource list can also be found on the website.

MyCarIsWorthLess.com is a website owned by TheyWroteOffMyCar.com Inc., a helpline for consumers  who are disputing their settlement amounts on total loss or diminished value claims. For media inquiries, please call Viraf Baliwalla at (866) 249-5474 ext. 303, or email him at [email protected].

SOURCE MyCarIsWorthLess.com