What is Diminished Value: If your vehicle has suffered damage in an accident and the other driver is found to be at fault, their insurance company may owe you Diminished Value in addition to paying for the repairs.
Diminished Value is a simple enough concept: it is essentially the “discount” a prospective buyer of your vehicle would expect due to the damage sustained. Most people would never pay the same amount for a damaged vehicle as they would for one with a clean Title history, and many buyers would never even CONSIDER buying a car that they knew had been in an accident!
Think about it this way: if two identical cars are sitting next to each other, one with a clean Title, the other with substantial rear end damage reported, buyers would pick the clean Title vehicle, or expect a significant discount to consider the car with previous accident damage. Because of the damage and subsequent repairs, those two vehicles are no longer of “like quality”.
Insurance companies will usually not tell you about Diminished Value. They simply want you to accept your repaired vehicle and walk away happy, but that does not actually compensate you for the loss you’ve suffered.
Why Hire Auto Appraise? Some appraisal companies and attorneys have attempted to base Diminished Value on seemingly random formulas with no actual market data to support their appraisal. Anyone can apply a number or percentage, but that doesn’t make it accurate or supportable! At Auto Appraise, we survey the current market for vehicles with actual damage reported to determine the average discount a prospective buyer would expect for your vehicle. Our reports are clear, concise, and contain the evidence you need to submit your Diminished Value claim!
Call us today to schedule your Appraisal: (810) 694-2008