Q: What is Diminished Value and am I entitled to compensation?

A: The purpose of auto insurance is to "indemnify" the vehicle owner for loss. To indemnify means to "make whole" or to put you back in exactly the same position you were in just prior to the loss. The insurance company is required to restore your vehicle to its pre-accident condition with regard to appearance, safe operation and Value . The difference in a vehicle's value just prior to an accident and the same vehicles value just after repairs are completed can be very different. This difference in value is called Diminished Value. Most damaged vehicles will have lost values ranging from hundreds to thousands of dollars.

What is Diminished Value ?
Diminished Value is the amount by which the Resale Value of a damaged / repaired vehicle has been reduced for having sustained significant damage. There are two (2) generally accepted types of Diminished Value:

Q: My auto insurance company told me my car was totaled. What do I do?

A: "Totaled" means that the damage to your vehicle is greater than the vehicle's value. This means that your auto insurance company will not pay to fix it, and will instead give you a check to purchase a replacement car.

However, the money that the insurance company will give you will be based on the vehicle's current value, not the acutual cost to purchase a new vehicle. In theory, this should mean that you could take that check, go to a used car dealer and purchase an identical vehicle in identical condition.

Unfortunately, many auto insurance companies underestimate the value of your vehicle. Many people don't realize that they can sometimes negotiate a higher settlement. So, what should you do if you think that your car was worth more than the insurance company is offering? You should:

Q: What happens to my auto insurance if I get caught drunk driving?

A: In many cases your auto insurance company will drop your policy, or drastically increase your annual premiums. They do this because as a group, people who drive drunk get in more accidents (and more expensive accidents) than people who don't. Unless you are convicted of a DUI/DWI, the insurance company cannot raise your rates so you may want to consult a good attorney before going to court.

Just like regular auto insurance, insurance for driver's with a DUI on their record is a competitive market. Make sure that you shop around and get quotes from several different auto insurance companies.

Your auto insurance company will usually remove your DUI / DWI from your record after a period of time, generally around 7 years.

AUTO PAINT USA COLLISION REPAIR

 

Call Us At 786-315-3866

Conveniently Located near US 1 and The Falls.

 Miami, Fl.
Tel. 786-315-3866
Mr. Alberto Fadul GM

 

A Miami, Florida automotive collision repair body shop.

We honor all auto insurance company estimates.
Geico, Allstate, State Farm, Progressive, USF&G, Estrella, Farmers, AARP, Safeco, AIG.

Auto Paint USA a preferred and approved Miami auto collision repair facility.

AP USA

Specializing in Mercedes Benz, Lexus, Toyota, Honda, Ford, Chevrolet, Chrysler, Dodge, Mitsubishi, Acura, Porsche, Corvette, etc.