Frequently Asked Questions
What is in a Diminished Value Report?
The Diminished Value Report includes the percentage of a damaged vehicle when it loses value because of an accident, repairs, and also 6 pages of research documentation.
What is the cost of a Diminished Value Report?
The Diminished Value Report costs $250.
What is the next step after Lemon Protection Diminished Value Report has been written?
If represented by an attorney, the Diminished Value Report will be sent to your attorney. If not, the Diminished Value Report will be sent to you and you will send it with a demand letter to the owner of the vehicle that hit you.
What is the process if not represented?
After the Diminished Value Report with a demand letter is sent in certified return mail to the owner of the vehicle that hit you and if you didn't get an answer in the given time, you will need to file in small claims court against the owner and driver of the vehicle that hit you. On the court day, you can settle outside the court room and show your evidence of loss of value or go inside before the judge.
Do insurance companies accept Diminished Value Reports to settle?
No, the fact is most insurance companies will tell you that they do not recognize them, and that as far as diminished value is concerned, you're not entitled to get it because your vehicle has been restored back to the way it was OF COURSE, THIS IS NOT TRUE, and they know it.
What is the use of trying to get the insurance company to pay my vehicle's loss of value when they don't even recognize the loss of value?
Not recognizing the Diminished Value Report is standard procedure. If they accept your loss of value so easily, they will have millions of others in line.
What about the repairs made if there are some imperfections?
Remember that a vehicle that has been in an accident and then repaired is not worth the same as one that has not been involved in an accident. Dealerships do not take accident vehicles on trade and insurance coverage may only be simple liability.