I talk with a lot of people who have potential diminished value claims. Universally they are all shocked by how the insurance companies handle these cases. They are shocked because of what they are told by the insurance company representatives. When someone comes to my office they usually have already been lied to or misinformed in one of three ways:
– You car has been repaired to pre-accident condition and therefore has suffered no diminished value.
-Your diminished value claim is worth very little money.
-There is no diminished value in the State of Ohio, it is not the law.
Why do the insurance companies continue to try and misinform the public about diminished value claims? The answer to that question is very simple, money. For every diminished value claim not made by an accident victim, the insurance company just pocketed that money for themselves.
So what do you do about it? First, do not get mad at your claims adjuster. I used to be an adjuster with one of the largest car insurance companies in Ohio, and I can tell you that rarely is an adjuster intentionally lying or misleading you. Most adjusters are very good people just trying to do their job, and they are just repeating the company line, what they have been told to say to people who ask about diminished value claims.
Second, do not quit. Keep pressing your claim. If needed find a qualified attorney who can represent you and take you case to court if needed. The insurance companies owe you the money, do not let them keep your diminished value settlement for themselves.
Remember the view from inside the insurance company is not one that looks to how they can pay more claims, it is a view toward how they can pay less.
Written by Sam Warden