“Best kept secret in the insurance industry” could get you crash cash

DAYTON — The moment your car is in a wreck it loses value, but if the crash isn’t your fault, you may be missing out on money that’s rightfully yours.

When Summer Cline was rear ended, her vehicle was shoved into the vehicle in front of her.

“The rear was pretty much all slammed in,” Cline told our sister station WSOC-TV. “The bumper and a little bit of the hood was kind of a little sideways.”

The repairs cost about $8,000, Cline said.

She filed what’s called a “diminished value claim” to get back some of the losses right away, before she takes a financial hit in a later sale of the vehicle.

“It’s kind of the best kept secret in the insurance industry,” said Billy Walkowiak, a vehicle appraiser.

Many people don’t know about diminished value claims, and your insurance company might not volunteer the information, but you are entitled to it in Ohio and many other states.

“The wreck history will follow your car.  If someone asks you if it’s been in a wreck, you are going to be honest and tell them it was,” said Walkowiak. “They’re not going to pay the same amount, so you need to be compensated for that loss.”

He said he got Summer Cline $2,500 for diminished value.

“Your car goes down in value when you are in an accident and you are never going to get that money back unless you fight for it,” Cline said.

Consumers who want to file a diminished value claim must have been involved in a crash that was someone else’s fault.  Deer strikes and crashing your vehicle into a utility pole don’t  count.

You have three years to file a claim and must go through the other driver’s insurance.

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