New Jersey Diminished Value And How It Affects You.
New Jersey Diminished Value is real, and is recoverable in New Jersey. If you’ve been in a car accident in Hot Springs, Little Rock, Arkadelphia, or any other place in New Jersey and it wasn’t your fault, you are probably entitled to a diminished value award from the at fault insurance company. New Jersey is also one of the few states that allow you to claim diminished value against your uninsured motorist policy with your insurance company if the at fault person doesn’t have insurance or you were a victim of hit and run.
New Jersey Uninsured Motorist Coverage: Yes (Hit and Run, and Uninsured At Fault Diminished Value Claims may be claimed on your own Uninsured Policy.)
New Jersey Property Damage Statute of Limitations: 6 Years (You may claim diminished value on New Jersey car accidents that happened up to 6 years prior to today.)
At Fault Party Can Claim Diminished Value against their own policy: NO
Do I qualify for a Diminished Value Claim?
Your car worth more than $7500 before the accident?
The Damage repairs cost more than $500, or were structural in nature?
Your vehicle a 2000 year or newer?
The accident occurred inside the U.S. but not in Michigan.
The statute of limitation for New Jersey Property Damage hasn’t expired.
Your Car does not have a branded title, including salvage or rebuilt.
Your vehicle has not had previous accidents with more severe damage.
Someone else was determined to be at fault in the accident.
You have not previously signed a release of liability form related to this loss.
If you agreed with all of the statements above, you probably have a diminished value claim.