Claims Process
LossPay is designed to make the diminished value claim process simple and predictable. When a qualifying repair event occurs, policyholders can submit a claim through the LossPay platform for evaluation.
Overview
Diminished value refers to the reduction in a vehicle's resale or trade in value after an accident, even when repairs have been completed properly. LossPay evaluates this impact using vehicle identification number data, repair documentation, and market valuation inputs.
How the Claims Process Works
Report the Accident
If your vehicle is involved in an accident that results in physical damage, ensure the incident is properly documented. Policyholders should obtain a police report when possible and maintain repair documentation.
Complete Vehicle Repairs
Repairs must be completed before diminished value can be assessed. LossPay evaluates the vehicle after the repair process is finished.
Submit a Claim
Policyholders can submit a claim through the LossPay claims portal or by contacting the LossPay claims support team.
Typical documentation may include:
- Vehicle identification number
- Repair invoices and repair estimates
- Accident report if available
- Photos of damage and completed repairs
- Proof of active coverage
Vehicle Value Analysis
LossPay evaluates the potential diminished value using VIN based vehicle data, repair documentation, and market valuation analytics.
Claim Determination
Once the review is completed, LossPay will notify the policyholder regarding claim eligibility and any approved payment based on the terms of the policy.
Important Claim Conditions
- Claims are subject to the terms, conditions, exclusions, and limitations of the applicable insurance policy. Not all accidents qualify as a trigger loss under the policy.
- Vehicles that are deemed a total loss by the primary insurer are not eligible for diminished value coverage under the policy.
- Claims must be submitted within the time period specified in the policy documentation.
Claims Support
Policyholders who need assistance submitting a claim may contact the LossPay claims team.