Summary – Idaho Diminished Value Claims
Statute of Limitations: 3 years
Third Party Diminished Value Claim: Yes
First Party Diminished Value Claim: No, most insurance policies will exclude diminished value
Idaho Property Damage Minimum Limits: $15,000 in coverage
Uninsured Motorist Coverage for Diminished Value: No coverage
Underinsured Motorist Coverage for Diminished Value: No coverage
Idaho Small Claims Court Limit: $5,000 . Appeals are permitted. Attorney representation prohibited.
Idaho Diminished Value Law
Idaho Civil Jury Instructions
IDJI 9.07 – Property damage instruction
The elements of damage to plaintiff’s property are:
1. The reasonable cost of necessary repairs to the damaged property, plus the difference between its fair market value before it was damaged and its fair market value after repairs.
1. The difference between the fair market value of the property immediately before the occurrence, and its [salvage value] [fair market value without repairs] after the occurrence.
[and, if applicable]
2. (Any incidental or consequential damage suffered by the plaintiff that is within the foreseeable chain of proximate causation: e.g., “The reasonable rental charges incurred by the plaintiff for substitute property during the time the subject property was being repaired.”)
How to File a Diminished Value Claim in Idaho
Step 1. Obtain proof of your car's diminished value.
The best way to prove your claim is to hire licensed, highly qualified, competent, and independent diminished value experts. The better the appraisal, the better the chance of the insurance company accepting the appraisal and paying the claim faster and for more money.
Step 2. Submit your documentation (diminished value appraisal) and demand letter for review.
The ideal time is right after you get your vehicle repaired. The sooner you file your diminished value claim, the better. Typically, if the accident wasn’t your fault, you would file a diminished value claim with the at-fault driver’s insurance company.
It’s covered under their property damage liability.
Step 3. Settle your claim.
The role of the claims adjuster is to negotiate the lowest possible settlement for the insurance company. They will either accept your claim, offer a lower settlement, or deny the claim.
To receive the highest settlement, submit as much supporting documentation as possible and negotiate until the insurance company stops raising their offers.
If you have any questions or need assistance with your diminished value claim in Idaho, please call us at (850) 201-1950 or submit a request for a free estimate.