Getting into a car accident can be stressful, as it often involves unexpected expenses, potential injuries, and the hassle of dealing with insurance companies.
Diminished value can be one of those unexpected expenses that many people often overlook when filing a claim against the at-fault driver’s insurance company.
If the at-fault driver was insured with GEICO, keep reading for tips on how to file a diminished value claim with them.
Does GEICO Pay Diminished Value?
GEICO does pay diminished value, but like most insurance companies, they make you work for it.
Your experience may vary depending on your state, the extent of repairs, and whether your vehicle has had previous accidents.
They’re easiest to deal with on newer vehicles with a decent amount of damage but can be more challenging when the damage is very minor and there are previous accidents on your vehicle.
Overall, GEICO is one of the more favorable insurance companies to deal with.
Georgia Diminished Value Claims Involving GEICO
GEICO handles diminished value claims in Georgia differently than in other states.
In Georgia, GEICO will conduct its own diminished value calculations and make an offer regardless of fault. In other states, however, they require you to provide supporting documentation before issuing diminished value payouts.
GEICO insurance policies in Georgia include an appraisal clause provision, giving you additional leverage. This process requires GEICO to hire an independent appraiser, who will negotiate with your appraiser to reach a fair settlement.
The appraisal clause holds them accountable and often leads to a more favorable outcome.
How to File a Diminished Value Claim with GEICO
Filing a diminished value claim with GEICO after your vehicle has been repaired is an important step for vehicle owners who believe their vehicle has lost value due to an accident.
Having the right knowledge and understanding how to effectively navigate the claims process is crucial to achieving success.
Step 1. Get your vehicle repaired. GEICO won’t accept a diminished value claim until repairs are completed.
Step 2. Gather your proof. Like most insurance companies, GEICO will require that you provide documentation proving diminished value. Obtaining a certified diminished value appraisal from a professional appraiser is crucial.
Step 3. Submit your demand and diminished value appraisal for review. GEICO will usually complete their review within 2-3 weeks.
Step 4. Negotiate. If you receive a low settlement offer, negotiate until they provide a final, firm offer.
Challenging their methods and presenting additional market comps with an accident history can help increase diminished value payouts. If you receive a low or unsatisfactory offer, taking legal action is another option. Typically, this involves small claims court, where you can present evidence of your diminished value loss, and GEICO would be responsible for paying the amount awarded by the court.
If you’re ready to proceed with a GEICO diminished value claim, reach out to DVCHECK for a free estimate. We can assist you in proving your diminished value claim and offer expert guidance throughout the process.
