Diminished Value in Georgia
What Are You Entitled To?
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When your vehicle is involved in a crash, even high-quality repairs can't always restore it to its pre-accident market value. In Georgia, you have the right to a diminished value claim to recover the loss of your vehicle's worth.
When you file a DV claim as a driver in Georgia, you're entitled to the difference between your car's pre-accident value and post-repair value. This compensation is meant to cover the financial impact of your vehicle's accident history, which can lower its resale or trade-in value.
Factors that can affect your vehicle's diminished value include:
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Age and mileage of the vehicle
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Severity of the accident
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Quality of repairs
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Estimates of repair costs
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Previous accidents
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Current market demand for the vehicle
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Your insurance policy
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Legal Basis for Claiming Diminished Value
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Georgia is one of the few states that strongly supports diminished value claims. The 2001 case, State Farm Mutual Automobile Insurance Co. v. Mabry, set a legal precedent, requiring insurers to compensate for diminished value.
Insurance companies in Georgia typically use the 17c formula to calculate DV, but this method often underestimates the real loss. An independent appraisal can help ensure a fair assessment.
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Time Limits for Filing a Claim
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In Georgia, you have up to 4 years from the date of the accident to file a diminished value claim. However, it's best to act quickly. Delaying filing claims can complicate the process and impact your chances of receiving full compensation.
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What to Do If a Claim Is Denied
Your insurer may attempt to deny or undervalue your claim. If this happens:
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Request a detailed explanation for the denial.
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Obtain an independent appraisal of your vehicle.
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Consult with an attorney experienced in diminished value claims.
At Expert Asset Protection, we're here to help our clients navigate these challenges and advocate for their rights so they receive fair settlements and cover their losses.
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Reach Out to File a Claim
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If you've been in an accident, don't leave money on the table. Let our team help you with your diminished value claim. Call Expert Asset Protection today at 470-935-0038 for a consultation.