Did your car just get into an accident in Nevada? That’s unfortunate. It doesn’t matter whether it was a severe accident or a minor one; your vehicle now has an accident history. Due to this, potential buyers are less likely to pay full market value for your ride, even if it has been repaired using high-quality parts. Filing a diminished value claim in Nevada can help you in this situation.
However, the real question is whether you are eligible to file such a claim. Many vehicle owners are not eligible and end up wasting valuable time pursuing claims that won’t be approved. That’s why we’ve prepared this blog—to help you understand who qualifies for a diminished value claim Nevada.
What is a Diminished Value?
When a car is involved in an accident, its current market value immediately decreases. In this situation, the reduced amount of value is the diminished value. Suppose you have a $100,000 worth Porsche 718 Cayman, which was involved in an accident. Post accident, its market value drops to $75,000. Then the difference of $25,000 is the diminished value of your car.
Diminished Value Claim Explained
A diminished value claim seeks compensation for the loss in a car’s market value after it is met with a collision. You can file the claim even after your vehicle has been fully repaired, as it now has an accident history. Remember that a diminished value claim only allows you to recover the lost value of your car, not its total value.
Eligibility Criteria to File a Diminished Value Claim in Nevada
You can file a diminished value claim in Nevada in the following situations.
Not At Fault
To file a claim, you must not be at fault for the accident. In Nevada, claims are filed against the at-fault driver’s insurance company.
Vehicle Damage
Your car should sustain significant damage in the accident, requiring considerable repairs.
Proven Loss
You must demonstrate that the car’s market value decreased because of the accident, not just the repairs.
Ownership
You generally need to own the vehicle to file a claim. Leased cars don’t qualify for it.
Statute of Limitations
In Nevada, you can file the claim within 3 years from the date of the accident.
Key Exclusions and Limitations
In the following situations, your claim will be rejected, so you should not file one.
First-Party Claim
You can’t file the claim against your own policy, as Nevada policies exclude this coverage.
Uninsured/Underinsured Motorist
In Nevada, you typically cannot recover diminished value if the at-fault party is uninsured or underinsured.
Condition of the Vehicle
Old vehicles, or those with extremely high mileage or a significant prior accident history, may be ineligible to file a claim.
If you are still connected with us, you have learned the eligibility criteria of filing a diminished value claim in Nevada. We also mentioned the exclusions and limitations of filing the claim. If you are eligible to file the claim and need help, contact ADR Claims. It is a professional appraiser company that helps car owners file claims and get fair settlements.