Diminished Value Claims: Missouri
If your vehicle was damaged in an accident in Missouri and underwent repairs, its resale value is likely to be less than before the crash. This loss in market value is known as diminished value. You can recover it through a diminished value claim filed with the at-fault party's insurance company.
Summary – Missouri Diminished Value Claims
Statute of Limitations: 5 years
Third-Party Diminished Value Claim: Yes
First-Party Diminished Value Claim: No, most insurance policies will exclude diminished value.
Missouri Property Damage Minimum Limits: $25,000 in coverage
Uninsured Motorist Coverage for Diminished Value: No coverage
Underinsured Motorist Coverage for Diminished Value: No coverage
Missouri Small Claims Court Limit: $5,000. Attorney representation and appeals are permitted
Missouri Diminished Value Law
Missouri is a diminished value state. You're legally entitled to the cost of repairs, loss of use, and compensation to cover the difference between your vehicle's market value before the damage and its lower value after the repairs.
Rook v. John F. Oliver Trucking Co., S.W.2d 200 (Mo. App. 1977)
This case is vital when discussing Missouri's diminished value law. This case ruled that allowable are the cost of repairs and the difference between the car's market value before the collision and its value after the repairs. It would not constitute a double recovery for such a person to recover both for the cost of repairing the car and for the difference between the market values of the vehicle before the collision and after the repairs.
How to File a Diminished Value Claim in Missouri
Obtain Proof of Your Car’s Diminished Value
What’s the best way to prove your claim? Hire licensed, highly qualified, competent, and independent diminished value experts. The better the appraisal, the better the chance of the insurance company accepting it and paying the claim faster and for more money.
Submit Your Documentation (Diminished Value Appraisal) and Demand Letter for Review.
The ideal time is right after you get your vehicle repaired. The sooner you receive your diminished value appraisal, the faster you can file your claim. What if it wasn't your fault? You would file a diminished value claim in Missouri with the at-fault driver's insurance company. It should be covered under their property damage liability.
Settle Your Claim.
The claims adjuster's role is to negotiate the lowest possible settlement for the insurance company. They will either accept your claim, offer a lower settlement, or deny the claim.
To receive the highest settlement, submit as much supporting documentation as possible and negotiate until the adjuster makes their final offer.
DVCHECK can assist you with your diminished value claim in Missouri. Have questions? Ready to get started? Call us at (850) 201-1950. Submit a request for your free estimate below.
