Imagine the following. You are cruising down the scenic highways of Colorado, taking in the breathtaking views of the Rocky Mountains, when suddenly, bam! An unexpected auto accident has just turned your world upside down.
You are probably focused on repairing your car and returning to the road. Unfortunately, your vehicle might never be the same again.
But did you know that you may also be entitled to compensation for the diminished value of your vehicle?
Diminished value is the difference in your car’s market value before and after an accident. Even if it has gone through all the necessary repairs, the value of a vehicle will be lower because of its accident history.
However, you can claim against the at-fault driver’s insurance company. And that’s where DVGOAT enters to help you! We are an appraisal company with over 25 years of experience working with vehicle owners. We know the best techniques to get you the total amount of money you deserve.
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. Trust that our team is the indicated one to get compensation worth more than the repair damages costs.
Is Colorado a Diminished Value State?
Yes, Colorado is indeed a diminished value state. If you’re a resident of Colorado and your vehicle’s worth has suffered due to an accident, you have the right to pursue a claim to receive fair compensation for the loss in your vehicle’s market worth.
Types of Diminished Value Claims
Your vehicle could fall into one of three categories, each carrying its weight in your compensation outcome.
Inherent Diminished Value
The loss in value that your car suffers simply by being in an accident, even if it has been repaired to its initial condition. This is because buyers are often less willing to pay as much for a car in an accident, regardless of its condition.
Repair-related Diminished Value
This refers to your car’s loss of value due to the repairs needed after the accident. Repairs can often damage the car’s structural integrity or make it less attractive to buyers.
Immediate Diminished Value
Your car’s loss in value immediately after the accident, before any repairs have been made.
How Long Do You Have to File a Diminished Value Claim in Colorado?
Colorado diminished value laws state that you must file your claim two years after an accident. To file for the claim, you must not be the at-fault party and should have auto insurance.
How Do I File a Diminished Value Claim in Colorado?
Filing a Colorado diminished value claim can be a tedious and time-consuming process. DVGOAT makes it straightforward to focus on restoring your car to its pre-damage condition.
Gather your evidence: gather all the information supporting your claim, such as photos of the damage, police reports, and any relevant details about the accident.
File a demand letter with the at-fault driver’s insurance company. The letter should state your decreased value and provide evidence to support your claim.
Seek a Professional Appraiser. Connect with a qualified appraiser, like DVGOAT, to assess the extent of the diminished value. This step is crucial in estimating the loss accurately.
Negotiate with the insurance company. We will Negotiate with the insurance company to reach a fair settlement for the claim.
Settlement Agreement. Once an agreement is reached, ensure the terms are outlined in a written settlement agreement. Double-check before signing. After that, a deadline will be given to you to receive your payout.
Remember that the company’s insurance adjuster will only protect the company’s rights. They will try to provide you with the minimum compensation possible. Hiring our appraisal experts can help you maximize your claim’s payout.
Why Choose DVGOAT?
DVGOAT is a team of experienced appraisers who have helped thousands of vehicle owners in Colorado get successful compensation. We are confident that we can help you too.
Here are just a few reasons why you should choose DVGOAT:
We have over 25 years of experience handling Colorado diminished value claims. We know the ins and outs of the process and can help you get the compensation you deserve.
We have a track record of customer satisfaction. We are committed to providing our clients excellent service and helping them get the best possible outcome.
We offer a risk-free experience with a money-back guarantee. We will refund your appraisal fee if you are unsatisfied with our services.
We will ensure you recover more than the cost of the appraisal report fee. We will work hard to get you the maximum amount of compensation possible.
If you have been in a car accident, contact DVGOAT today. We can help you get the compensation you deserve.
What Clients Say About Us
“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. I appreciate you guys!!!!”
Emilie Terry
CLIENT
“When my Range Rover got in an accident, and it wasn’t my fault, I was researching about diminished value and found DVGOAT. The process was simple and worth it. They walked me through the whole 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
Need A Diminished Value Appraisal in Colorado?
Rely on DVGOAT when seeking compensation for your vehicle’s damage. 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!
FAQs
Diminished value compensation is generally not eligible for a tax write-off. The Internal Revenue Service (IRS) considers it a reimbursement for the loss in your vehicle’s market value rather than a deductible expense. However, tax regulations can be complex, so it’s advisable to consult a tax professional to understand potential implications.
Calculating diminished value involves assessing several factors, including the pre-accident value of the vehicle, the extent of damage, the quality of repairs, and market trends. An experienced appraiser, such as DVGOAT, will evaluate these elements to provide you with an accurate estimate of your vehicle’s value.
