Arkansas Diminished Value Claim | Collision Claim Associates, Inc.

Q: What if the other driver’s insurance company already gave me a check?

Do not cash a check that is marked 'final payment' or 'full settlement' for property damage until you are sure it includes fair compensation for your vehicle’s diminished value. Cashing it could prevent you from making any further claims. Always seek an independent appraisal first.

UNDERSTANDING DIMINISHED VALUE IN ARKANSAS

If your vehicle has been in an accident in Arkansas caused by another driver, you are legally entitled to recover the loss in its resale value. This loss is called “diminished value.” Even with flawless repairs, a vehicle’s accident history reduces its market price. You can learn more about this topic by reading our Complete Guide. The process of recovering that lost value starts with understanding how much you are owed.

You can get a free, no-obligation review of your diminished value by completing the form below.

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Diminished Value Claim Review

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Vehicle Owner Information

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State of Accident*

Vehicle Information

Year of Vehicle*

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Damage Information

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If Yes, Date of Prior Damage

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Claim Information

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Arkansas Diminished Value Claims

Arkansas is a diminished value state, which means you may be entitled to the diminished value of your vehicle after an auto accident. The statute of limitation on diminished value claims in Arkansas is 3 years, and Arkansas does have uninsured motorist coverage for diminished value. You can’t submit a Arkansas diminished value claim if you were the at-fault party in an accident, or if the damage was caused by something other than a collision. You can see if you qualify for a diminished value claim by filling in the claim review form below. It’s important to note that determining the diminished value often requires a professional appraisal value claim to accurately assess the impact of the accident on your vehicle’s worth.

Diminished Value Occurs in One of Three Ways

Following an accident, the loss in your vehicle’s value can be categorized in three ways. The most common and important for your claim is Inherent Diminished Value.

Inherent Arkansas Diminished Value: This is the most widely recognized form of diminished value. It represents the automatic loss in market value that a vehicle suffers simply because it now has a documented accident history. Even with perfect, high-quality repairs, a reasonable buyer will not pay the same price for a previously damaged vehicle as they would for one with a clean record.
Repair-Related Arkansas Diminished Value: This is the loss of value resulting from poor-quality or imperfect repairs. Examples include mismatched paint colors, the use of non-OEM (Original Equipment Manufacturer) parts, or lingering structural issues. This type of diminished value means the vehicle is worth less than it should be, even after being “fixed.”
Immediate Arkansas Diminished Value: This refers to the loss in a vehicle’s value immediately after the accident but before any repairs have been made. While it’s a valid concept, most claims focus on recovering the Inherent Diminished Value that remains after the vehicle has been professionally repaired.

Arkansas Diminished Value Claim Info

Arkansas Statute Of Limitations: 3 Years
Uninsured Motorist Coverage: YES
Diminished Value For At Fault Party: NO

Frequently Asked Questions for Arkansas Diminished Value Claims

How is the amount of diminished value calculated?

Insurance companies often use a generic formula that results in a low offer. A professional appraiser, like the experts at CollisionClaims.com, calculates the true loss by performing a detailed market analysis. We compare your vehicle to similar ones for sale, factor in the severity of the damage, and use our industry expertise to determine an accurate and defensible figure.

How long do I have to file a diminished value claim in Arkansas?

The statute of limitations for property damage in Arkansas is 3 years from the date of the accident. It is best to start the claims process soon after repairs are completed to ensure all evidence is readily available.

Can I claim diminished value if an uninsured driver hit me in Arkansas?

Yes. Unlike many states, Arkansas law allows you to file a diminished value claim under your own Uninsured Motorist Property Damage (UMPD) coverage, provided you carry this on your policy. This is a crucial protection for Arkansas drivers.

Will filing a diminished value claim raise my own insurance rates?

If you are filing a third-party claim against the at-fault driver’s insurance, it should not affect your rates. If you file a not-at-fault claim under your own UMPD coverage, this also should generally not be used as a reason to raise your premiums.

What if the other driver’s insurance company already gave me a check?

Do not cash a check that is marked “final payment” or “full settlement” for property damage until you are sure it includes fair compensation for your vehicle’s diminished value. Cashing it could prevent you from making any further claims. Always seek an independent appraisal first.

Why Choose the Experts?

With over 21 years of service, the diminished value experts at CollisionClaims.com have the experience needed to maximize your recovery. We created this free, no-obligation claim review to help Arkansas drivers like you understand their rights and start the process of getting compensated fairly.

Arkansas Diminished Value