A car accident in Nevada can be a stressful situation for you. Not only because your life was at risk, but also because now your precious investment is damaged and its market value has decreased. Filing a diminished value claim in Nevada can help you recover the value your car has lost as a result of the accident. But that’s only if you qualify for the claim. Determining this can be challenging, especially if you are filing the claim for the first time. To help you, we discuss who qualifies for a diminished value claim Nevada. So let’s begin.
Core Qualification Requirements
Here are the core qualification requirements for diminished value claims.
Third-Party Only
In this region, you can only file a diminished value claim against the at-fault driver’s insurance company. Nevada law doesn’t allow first-party claims against your own insurance policy unless your contract explicitly includes this coverage.
Not At Fault
In the accident, you must not be at fault. If you were responsible for the car crash and not the other driver, you can’t recover these damages.
Vehicle Not Totaled
A diminished value claim only applies to vehicles that have been repaired. If your car is declared a total loss, the insurer pays its full pre-accident value instead.
Proof of Loss
You must prove with sufficient evidence that your car has lost its market value as a result of the accident. A professional appraisal report or comparing your car to similar vehicles using Kelley Blue Book can help you in this task.
Ideal Candidate for a Successful Claim
Every car owner who is not at fault can file a diminished value claim. But claims are successful for vehicles that meet certain criteria. Keep reading to learn about these criteria.
Age and Mileage
Your damaged car must be under 7 to 10 years old and have covered fewer than 100,000 miles during this period.
Significant Damage
Your ride must have suffered moderate to severe damage in the accident. For instance, the frame must be damaged, or the airbags must have gone off.
High Market Value
Your vehicle must be a luxury one or have a high market price. Such cars tend to show the most significant stigma loss in reports.
Major Rules About Diminished Value Claims
Key rules related to Nevada diminished value claims are as follows:
Statute of Limitations
From the date of the accident, you have three years to file a diminished value claim in Nevada.
No Splitting Actions
If you are also filing an injury claim, you must include the diminished value claim in the same lawsuit. Nevada law doesn’t allow filing separate cases.
Recovery Method
You can pursue small claims court or the district court, depending on the amount you need to recover.
Expert Assistance for Diminished Value Claim
You have learned about the qualification criteria of the diminished value claim in Nevada. Ensure you meet these requirements before you file a claim. If you need assistance, our expert appraisers at ADR-Claims can provide you with that. We will appraise your damaged car and provide a market-backed, detailed appraisal report, which you can show to the insurer and negotiate a fair value. Contact us to book your auto appraisal service.
