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Alright my friends. First blog in quite some time, but as insurance needs in Gulf Shores and Orange Beach continue to grow, so does our agency. The auto insurance in Gulf Shores and Orange Beach is a tremendous market, and calling us can save you some money. Here is a nice tidbit of advice from us about how to get more out of an auto claim.

It finally happened. An accident! Everyone is okay, which is great! Other driver had insurance, which is great! Set you up in a rental car, allowed you to take any car you wanted to the shop, and your car is as good as new within a week. And, you're ready to sign on the line stating that you are waiving any issues with the other insurance carrier. But WAIT! There is something you forgot: Your Diminished Value Claim!

What's that? Diminished value claim? Never heard of that, you say? Well, if and when you go to sell your vehicle, the carfax will report that your car has been in an accident, and you will not get as much money, hence the diminished value of your vehicle. There are some quick calculations you can do to ask for the additional funds, as the adjuster certainly will not volunteer to give you more money. Insurance is, after all, a business. 

Here is a quick rundown:

Basically, the calculation is pretty simple.
Take the KBB (Kelly Blue Book Value) of the vehicle, "X", and multiply by:
.75 for major structural damage
.5 for moderate structural damage
.25 for minor
Say, the vehicle is worth $20,000. There is a fender-bender, and the damage is $4,000.

Since it is minor, you would take 4000 and times it by .25, resulting in a diminished value claim of $1,000. Not a ton of money, but more than you would have received had you not read this blog. And, if your agent never mentioned this to you, give us a call!





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