Getting into a car accident can be stressful, as it often involves unexpected expenses, potential injuries, and Diminished Value.
Diminished value can be one of those unexpected expenses that many overlook when filing a claim against the at-fault driver’s insurance company.
If the at-fault driver was insured with GEICO, keep reading for tips on how to file a diminished value claim with them.
Does GEICO Pay Diminished Value?
GEICO does pay diminished value, but like most insurance companies, they attempt to negotiate. Your experience may vary depending on the accuracy of the Licensed Diminished Value Report; the at fault driver’s state, the extent of repairs, and whether your vehicle has had previous accidents.
GEICO’s easiest to deal with on vehicles five years old or less with at least $1500 of damage but can be more challenging when the damage is very minor.
Overall, GEICO is one of the more ethical insurance companies to deal with.
Georgia Diminished Value Claims Involving GEICO
GEICO handles diminished value claims in Georgia differently than in other states.
In Georgia, GEICO will conduct its own diminished value calculations and make an offer regardless of fault. In other states, however, they require you to provide supporting documentation before issuing diminished value payouts.
GEICO insurance policies in Georgia include an appraisal clause provision, giving you additional leverage. This process requires GEICO to hire an independent appraiser, who will negotiate with your appraiser to reach a fair settlement.
The appraisal clause holds them accountable and often leads to a more favorable outcome.
How to File a Diminished Value Claim with GEICO
Filing a diminished value claim with GEICO after your vehicle has been repaired is an important step for vehicle owners who believe their vehicle has lost value due to an accident.
Having the right knowledge and understanding how to effectively navigate the claims process is crucial to achieving success.
Step 1. Get your vehicle repaired. GEICO won’t accept a diminished value claim until repairs are completed.
Step 2. Gather your proof. Like most insurance companies, GEICO will require that you provide documentation proving diminished value. Obtaining a certified diminished value appraisal from a professional appraiser is crucial.
Step 3. Submit your demand and licensed diminished value report.
Step 4. Settlement, DVAC walks with you until correct settlement is in hand.
DVAC Walks with You Until the Correct Settlement is in Hand.
Challenging their methods and presenting additional market comps with an accident history can help increase diminished value payouts. If you receive a low or unsatisfactory offer, taking legal action is another option. Typically, this involves small claims court, where you can present evidence of your diminished value loss, and GEICO would be responsible for paying the amount awarded by the court.
If you’re ready to proceed with a GEICO diminished value claim, reach out to DVAC for a no cost estimate and consultation. We can assist you in proving your diminished value claim and offer expert guidance throughout the process.
