Disclaimer: This article is for informational purposes only and is not legal advice.
Detailed Answer
Diminished value refers to the difference between your vehicle’s market value before an accident and its resale value after repairs. West Virginia law does not specifically list a diminished value statute, but insurers must handle claims in good faith under the West Virginia Unfair Insurance Trade Practices Act, W. Va. Code §33-11-4 (https://code.wvlegislature.gov/33-11-4/). Here’s how to submit a diminished value claim in West Virginia:
- Review Your Insurance Policy: Confirm whether your policy covers diminished value or “gap” between repair cost and market value loss.
- Gather Documentation: • Repair invoices and itemized estimates from a licensed body shop.
• Pre-accident market value evidence (e.g., Kelley Blue Book or NADA guide).
• Post-repair condition photos and appraisal reports. - Obtain an Independent Appraisal: Hire a qualified appraiser to quantify diminished value. An appraisal report establishes credible market-value loss.
- Complete the Claim Form: Contact your insurer to request a diminished value claim form. Fill in personal details, accident date, vehicle information, and claim amount based on the appraisal.
- Submit Your Claim Package: Include:
• Completed claim form
• Independent appraisal report
• Repair invoices and photos
• Market-value research
Send everything via certified mail or your insurer’s online portal. Retain copies and proof of submission. - Track Deadlines: Under West Virginia’s statute of limitations for property damage, you generally have two years from the accident date to file suit if the insurer denies your claim. See W. Va. Code §55-2-12 (https://code.wvlegislature.gov/55-2-12/).
- Follow Up in Writing: Send written requests for status updates if you don’t get a response within 30 days. Reference W. Va. Code §33-11-4’s requirement for timely investigation and payment.
- Handle Denials or Underpayment: If the insurer denies or offers less than the appraised amount, you can:
• Request a peer review by another independent appraiser.
• File a complaint with the West Virginia Offices of the Insurance Commissioner.
• Consider small claims court for amounts up to $5,000 under W. Va. Code §58-1-2 (https://code.wvlegislature.gov/58-1-2/).
Helpful Hints
- Keep a detailed timeline of all communications with the insurer.
- Send all documents via certified mail and save receipts.
- Obtain multiple market-value quotes to support your appraiser’s valuation.
- Review your insurer’s “Proof of Loss” requirements—missing items can delay your claim.
- Consult a qualified attorney if the insurer unreasonably delays or denies your claim.