It is important to read all the terms when considering an insurance policy. At Wreck Check Atlanta, we also recommend shopping around. If you need to make a first-party or third-party claim, the process will differ from state to state.

First-Party Claims

Simply put, first-party claims are filed by “the insured” through the individual’s insurance provider. There are instances where you have nowhere else to turn for a diminished value claim. For example, hitting an animal in an unavoidable accident would fall under first-party claims. In these claims, roughly half of the claimants may receive a settlement. However, this depends on the content of your policy and the state in which you live. It is also important to note that outcomes will also depend on whether you claim uninsured, underinsured or collision insurance.

Third-Party Claims

When you make a third-party claim, roughly 99% of claims are successful. You should recover diminished value based on tort law. No-fault individuals are entitled to receive compensation for vehicle damage. In law, this is known as being “made whole.” The insured party is at-fault, which means they are liable for the diminished value of a damaged vehicle.

Settling a Diminished Value Claim

Most claimants can expect to reach a settlement within 30-45 days in a diminished value case. However, this timescale is dependent mainly on using a diminished value appraisal service. Wreck Check Atlanta can provide extensive reports that are typically sent to customers in a week. Your report will contain a demand letter, diminished value appraisal and instructions.

Diminished Value Claim Appraisal

Countless scenarios may merit filing a first-party claim. The process can prove difficult to navigate alone. If you are concerned about losing out on your diminished value claim, consulting with a specialist such as Wreck Check Atlanta is recommended. We offer services from licensed diminished value professionals in all 50 states.

Call our offices today for a free initial assessment of your case. We can help you negotiate with insurance companies and body shops or provide crucial support to your attorney.