4 Questions That You May Have About a Diminished Value Appraisal Maine and What to Do With It

There is no doubt that involvement in an accident decreases the value of the vehicle. This is true even if the damage is repaired using original parts. There’s the option of being able to file a claim for that lost value if you have the right type of data on hand. That’s where arranging for a diminished value appraisal Maine makes sense. Here are as few questions that many people ask about this type of appraisal and how to use it to file a claim.

Who Can Provide This Type of Appraisal?

Your best bet is to seek out an auto appraiser who has the certification and the experience to conduct this type of appraisal. Opting for a someone who is certified rather than assuming the team at the local repair shop can do the job is important. That certification lends additional credibility to the appraisal outcome.

Keep in mind the team at the local shop may have credentials of this type. It’s up to you to ask and verify what you’re told. If that shop does not have anyone who can offer this type of service to you, look for an appraisal company in the area that includes diminished value appraisals in their list of services.

Will the Insurance Company Accept the Results?

This is one of the reasons why you choose to have the appraisal done by a professional with the proper certification. The insurance provider is more likely to accept the results if the individual who prepared the appraisal is known to be properly qualified. This can save a great deal of time and effort on your part.

Keep in mind that this does not mean the provider will automatically accept the results. They will still be evaluated, just as any documentation that you presented with a claim would need to be documented. What is does mean is that you have a greater chance of settling this claim in your favor.

How Long Do I Have to File a Diminished Value Claim?

There is a statute of limitations that applies to filing a diminished value claim. The duration does vary from one jurisdiction to another. In some states, it’s as short as one year. Many states do provide a window of three years to file this type of claim.

For residents of Maine, there is more time to file this type of claim than in other parts of the country. You may arrange for a diminished value appraisal Maine and use the results to file a claim for as long as six years after the date of the accident. That doesn’t mean you should put off the filing for a long time. This is a task that is best handled as soon after the car is repaired as possible.

Will I Recover All of the Diminished Value?

There is a chance that you may recover all of the diminished value. A more likely scenario is that you will be offered a settlement that amounts to a portion of the claim amount. It’s up to you to decide if that’s enough, or if you want to pursue the full amount of the claim.

Keep in mind that you do have legal options if the provider wants to settle the claim for less or rejects the claim outright. A lawyer can provide guidance in your particular case. If you do take legal action, the fact that the appraisal was done by a certified professional will come in handy.

If you’ve been involved in an accident, don’t assume that you have no choice but to write off the decrease in the car’s value. Arrange for an appraisal and see if it’s possible to recoup part of that loss. You may be surprised at what can be done.


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