Did you know that even if your car is repaired after an accident, it may be worth less than before? This is because of diminished value, the difference between the pre-accident value of your car and its worth after it has been repaired.
In Arkansas, you can file a diminished value claim against the at-fault driver if your car’s worth has been diminished due to the accident. DVGOAT is a diminished value expert and can help you file a claim and get the compensation you deserve.
Our expert appraisers have years of experience and have helped multiple vehicle owners get successful compensation worth the damages.
Our money-back guarantee ensures that your recovery will at least match the cost of your report. If your recovery is less than what you paid for the report, we’ll refund 100% of the appraisal fee.
We’ll work with you at every step of the process to ensure a successful diminished value appraisal.
Client Reviews
“After getting T-boned in an intersection by someone who ran a red light, I was furious that my new Jeep had one accident on the report. DVGOAT helped recover the difference in market value. Appreciate you guys!”
Emilie Terry
CLIENT
“When my Range Rover got in an accident, and it wasn’t my fault, I was researching the diminished value and found DVGOAT. The process was simple and worth it. They walked me through the process and helped me get a check from the at-fault insurance company to recover my vehicle’s value.”
David Beck
CLIENT
“Within a week of contacting DVGOAT, I had a settlement with the insurance company. Gino at DVGoat did an outstanding job helping me navigate the DV claim process, and he put everything together for me to submit. Awesome company!”
Liam Trevino
CLIENT
Does Arkansas Allow Diminished Value Claims?
Yes, Arkansas does allow diminished value claims. It is recognized as a diminished value state with reported case law supporting the legal right to seek compensation. This means that if your vehicle is damaged in an accident in Arkansas and undergoes repairs, resulting in a diminished resale value, you can file a claim to recover the losses.
Following the proper claim process and gathering the necessary evidence to support your claim is essential.
What is the Diminished Value Law in Arkansas?
The Arkansas diminished value law is based on case law, specifically the ruling in MFA Ins. Co. v. Citizens Nat. Bank of Hope (545 S.W.2d 70, 1977).
According to this case law, if your vehicle’s worth is diminished after undergoing repairs following an accident in Arkansas, you have the right to seek compensation for the difference in value. This recognizes that even with repairs, the vehicle may not regain its pre-accident market value, and the at-fault party may be responsible for compensating you for that loss.
The specific details and requirements of pursuing such claims may vary. We recommend consulting with an expert appraiser company experienced with the state’s diminished value claim process. Our team can help you understand your insurance coverage and limitations.
Filing a Claim in Arkansas
If you have been in a car accident in Arkansas and your car’s worth has been reduced, you may be entitled to compensation if you submit a claim. Here are the steps you can take to file a claim in Arkansas:
- Gather evidence of the accident: Collect all relevant documentation related to the accident, including police reports, repair estimates, and photographs of the damage.
- Get an appraisal of your car’s pre-accident value. This will help you determine how much your vehicle is worth before the incident.
- Get an appraisal of your car’s post-accident value. This will help you determine how much your vehicle is worth after the incident.
- Calculate the amount of diminished value. This is the difference between the pre-accident value and the post-accident value of your car.
- File a claim with the at-fault driver’s insurance company. Include all of the evidence you have gathered in your claim so that you sound convincing and ensure the best possible outcome.
What Factors Are Considered in Determining Diminished Value in Arkansas?
Several factors can be considered when calculating diminished value. However, the most important ones include:
- The severity of the accident
- The type of vehicle
- The age of the vehicle
- The mileage on the vehicle
- The location of the damage
- The availability of comparable vehicles
How Long do you have to File an Auto Diminished Value Claim in Arkansas?
The Arkansas diminished value statute states that you must file your claim three years from the incident date or the date of discovering the reduced worth. It’s essential to adhere to this deadline. Failing to file within the statute of limitations may result in your claim being time-barred and potentially being unable to recover compensation for the reduced value of your vehicle.
Need help with your Arkansas Diminished Value Claim?
Rely on DVGOAT when seeking compensation for your vehicle’s diminished value! We provide professional and accurate reports in the state of Arkansas. By selecting DVGOAT, you can access our in-depth local market knowledge and expertise with specific laws.
Get your free estimate today to discuss your specific needs!
