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Can you claim diminished value in Canada?

If your car has been involved in an accident, you may be able to file a diminished value claim for the loss of value you experienced when it was repaired. These claims are typically filed with the at-fault party’s insurance provider. However, in some states, you can file a first-party diminished value claims through your own collision or comprehensive coverage if the accident was not your fault.

Insurance is its own opaque ecosystem, and it can be difficult to determine who you should speak with and when you should file a claim. Often, it is best to leave these types of claims to someone who is familiar with the process. A professional could help ensure that your paperwork is filled out correctly and submitted on time, which can prevent any delays or denials.

Diminished Value Calculators

When you need to file a diminished value claim, it is important to be aware of the different calculations used to determine the value of your vehicle before and after the accident. There are numerous calculators online, but no one calculation will be able to give you an exact figure. The valuation is dependent on a number of different factors, and the appraisal itself has some subjective elements.

To calculate the value of your vehicle, you should start by finding out its original value. You can do this by checking Kelley Blue Book or the National Automobile Dealers Association (NADA). Once you have the value, it is important to note the value for your records. Next, most insurers use a formula called the 17c diminished value equation to determine how much they will pay out on a claim. This formula originated in a Georgia case and was named after paragraph 17c, which was where it was found in the law. To calculate the diminished value, you will take 10% of your car’s value and multiply it by a factor. The result is the maximum amount that an insurer will pay on a claim.

You will also need to consider any additional damages that you might have incurred as a result of the accident. These can include loss of income, medical bills, property damage and more. It is possible that you can file a diminished value claim for these damages as well, but it will be more challenging to prove the extent of your losses.

If you are unsure whether or not you have the right to file a diminished value claim, or need help filing the correct paperwork, it is best to contact an attorney that specializes in handling car accident cases. A lawyer can help you determine the right course of action and fight for your rights if necessary. They can assist you in getting the proper documentation together and help negotiate with your insurance company to get you the compensation that you deserve.