Was your car involved in an accident? Collect your vehicle’s reduction in value.
WHAT IS DIMINISHED VALUE?
If you’ve been in a car accident, your vehicle will be worth less in resale than the same model with no collision history—and it doesn’t matter how flawlessly your car was repaired.
Diminished Value is the depreciated value of an automobile accelerated by an accident (collision) or an incident (fire, flood, hail). Automobiles are depreciating assets that normally decrease in value as time goes by; car accidents, on the other hand, hasten the normal rate of depreciation and lead to an immediate and quantifiable loss in value.
You may be entitled to monetary compensation based on your car’s diminished value.
Courts have stated that vehicles involved in an accident suffer an inherent reduction in value, and efficient repairs cannot return said vehicle to its pre-accident condition or value. Most car buyers will avoid purchasing a wrecked and repaired vehicle. The few that do will demand a hefty discount. Buyers tend to be afraid of the long-term implications of a collision, as well as the negative impact on the vehicle history report.
Diminished Value Claim Calculator:
Below is an example of a typical loss-in-value claim.
- Vehicle: 3-year-old Lexus Sedan
- Damage Type: Collision
- Repair Amount: $10,500
- Severity: Major structural damage reported
- Pre-Accident Cash Value: $24,000
- Post-Repair Cash Value: $19,500
- Loss in Value: $4,500 – This is the amount the vehicle owner should request from the insurance company.
If you were involved in a recent car accident, please visit Do I Qualify for a Diminished Value Insurance Claim? to find out if you are due monetary compensation.
Why Hire a Licensed Car Appraiser?
To be properly compensated for your loss in resale value, you must hire the most qualified auto appraiser available. Not only should the appraiser be licensed by an official state entity, they should also adhere to a strict code of ethics.
Why Order a Diminished Value Car Appraisal Report?
To dispute an insurance carrier’s unfair 17c offer, it is your responsibility to submit a USPAP compliant car appraisal report to the insurance company to document your loss.
Diminished Value of Georgia offers auto appraisal reports that include the following:
- Multi-point vehicle inspection
- Vehicle history report
- Repair-quality analysis
- Insurance demand letter tailored to your claim
- Market analysis of comparable automobiles
- Supporting legal documents
- Automotive industry guide
- Pre-accident value
- Repair estimate analysis
- Post-repair value
- Loss in value amount