Diminished value refers to the decrease in a vehicle’s market value following an accident, even after it has been fully repaired. Basically, it’s the difference between what your vehicle was worth before the accident and what it’s worth after repairs.
Free Diminished Value Assessment
Why are vehicles worth less after an accident?
Overall, the stigma associated with a vehicle that has been in an accident, regardless of the quality of repairs, tends to result in a lower market value compared to similar vehicles with a clean history.
There are the two main factors that contribute to the decreased value of a vehicle after it has been involved in an accident, even if it has been professionally repaired:
Vehicle History: When most potential buyers see a big exclamation point and “accident reported” on the vehicle’s history report (CARFAX, AutoCheck, etc) they oftentimes choose to either keep searching for a vehicle without an accident history or they expect to pay less for the vehicle
Quality Concerns: Even with professional repairs, some buyers may perceive a previously damaged vehicle as inferior in quality compared to one that has never been in an accident. There may be concerns about hidden damage, variations in paint color or texture, body panel misalignment, the use of aftermarket vs OEM parts etc.
How do I successfully recover diminished value?
The cornerstone of any successful diminished value claim is a compelling demand letter that is backed by irrefutable evidence. Additionally, persistence is going to be essential in ensuring your claim receives the attention and consideration it deserves.
Demand Letter: When you order a diminished value appraisal from Fair Auto Appraisals, there will be a demand letter included with your order. This demand letter will be specific to your state and it will include all relevant case law & statutes. By referencing legal precedents and statutes, you strengthen your argument and demonstrate the legitimacy of your claim.
Evidence: My appraisal reports are 30-40 pages long and they provide a comprehensive analysis of the vehicle’s diminished worth post-accident. My reports include a thorough evaluation of your vehicle’s pre-collision ACV (actual cash value) and post-collision ACV using comps and actual market quotes from dealers in your local market.
Persistence: Be prepared for negotiation and be persistent in advocating for fair compensation. Your goal is to reach a settlement that adequately reflects the true extent of the diminished value incurred by your vehicle. I am available and will coach you through the entire process.
My goal is to help you maximize your compensation by providing compelling evidence of your vehicle’s diminished value. Beware of the many unscrupulous “appraisers” out there who provide low quality appraisals that are easily rejected by insurance companies.