Diminished Value of Georgia, Atlanta’s Car Appraisal Experts
What is diminished value?
Diminished Value is defined as the reduction in resale value of an automobile caused by a car accident (collision) or an incident (fire, flood, hail).
Unfortunately, there is a stigma associated with a vehicle that was previously wrecked and this stigma often results in a significant reduction in resale value. Simply stated, buyers refuse to pay the same money for a vehicle that’s been wrecked and repaired as they would an accident free car. Insurance companies are typically required to reimburse for the reduction of value after repairs, this diminishment in value is owed in CASH to the vehicle owner after repairs are completed.
In Georgia, insurance carriers are also required to pay their own insureds for the loss in value; in other words, if the accident was your fault (collision or comprehensive) you can also get paid for the loss in value suffered due to your own negligence. There is no premium penalty associated with requesting diminished value, so if the accident is your fault, you should request proper compensation as this loss will be accrued when you try to sell your car.
Insurance companies tend to underestimate diminished value amounts; that is where our company comes in to help.
As licensed car appraisers, our job is to accurately quantify you loss in value so you can receive the maximum compensation to which you may are entitled. Our appraisal reports are based on real time market data that track the drop in resale value and are accepted by all major carriers.
Who is Diminished Value of Georgia?
Diminished Value of Georgia is a local, trusted car appraisal company serving the greater Atlanta area. We offer a full range of car appraisal services to meet the needs of insurance claimants, car buyers and sellers, and classic auto collectors.
Our licensed professional appraisers are committed to meeting the highest ethical standards. With a combined three decades of auto experience, our appraisal reports are accurate, unbiased and respected in the automotive and insurance industries.
Understanding accelerated depreciation
As personal property that undergoes regular use, automobiles naturally decrease in value over time. Car accidents hasten the rate of this normal depreciation and cause an immediate, measurable loss in value.
According to auction data, even after a repair, a vehicle that has been in a wreck will sell for less than a comparable undamaged auto. A Georgia Supreme Court decision recognized as a matter of law that a vehicle cannot be completely returned to its pre-accident value because the majority of car shoppers will be interested in purchasing a car that has been through an accident or will demand a hefty discount.
An accurate calculation gives a fair impression of the true value of an accelerated depreciation and improves the car owner’s chances of being made whole.
By and large, in calculating payments for a vehicle’s diminished value, insurance companies rely on an unfair and inaccurate formula known as the 17C Formula. This method uses a series of overly simplistic factors and a 10% cap to arrive at an unrealistic calculation of an auto’s lost value. Even the Georgia Insurance Commissioner has rejected the formula.
The good news is a car owner can present an alternate reliable appraisal and often increase the amount of the insurance company’s payout for diminished value.
Find out if you qualify for diminished value in Georgia
Georgia courts have recognized that diminished value is compensable under an auto insurance policy. However, there are a number of factors that could render a vehicle ineligible for the compensation, including age of the car, original market value, and the extent of the loss.
Find out if your vehicle qualifies for diminished value in Georgia by calling (678) 404-0455.
Order a Diminished Value Car Appraisal Report
In order to overcome an insurance company’s unfair 17c calculation of diminished value, it is your responsibility to submit a USPAP compliant car appraisal report to document your loss.
When you choose Diminished Value of Georgia, your auto appraisal report will include:
- 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
We are the only auto appraisers you will find offering this complete and comprehensive diminished value solution.
Diminished Value Calculator Case Study
A sample case study shows how diminished value affects a vehicle.
- Vehicle: 3-year-old Lexus Sedan
- Damage Type: Collision with another vehicle
- Repair Amount: $10,500 (parts and labor)
- Severity: Major rear-end damage, structural repairs performed
- Pre-Accident Cash Value: $27,500
- Post-Repair Cash Value: $22,900
- Loss in Value Calculator: $27,500 – $22,900 = $4,600 that the vehicle lost in value and that the owner should request from the at-fault insurance company.
See how your circumstances measure up with this case study and call Diminished Value of Georgia for a free estimate.
Hire a Licensed Atlanta Car Appraiser
In Georgia, regardless of fault, you are entitled to recover your vehicle’s loss in resale value. But to overcome the insurance company’s standard low offer, you need a reliable report by a competent auto appraiser. Not all car appraisers are created equal and simply choosing the one who provides the highest estimate may not only cost you credibility that jeopardizes your claim but might also constitute fraud.
For best results, and the highest payout percentage, always hire a reputable licensed auto appraiser. Insurance carriers know who the legitimate appraisers are; they respect the reports produced by Diminished Value of Georgia. Our appraisers and inspectors have 30+ years of combined auto experience and are committed to ethical and reliable service. We are so intimately familiar with Georgia’s diminished value law that our senior appraiser is approved by the Georgia Bar Association to conduct lawyer continued education training.
When you substantiate your claim with a report from Diminished Value of Georgia, you increase the likelihood that the insurance company will fairly compensate your diminished value claim. While we cannot guarantee that insurance carriers will act in good faith, our clients report that 90% of claims are amicably settled after submitting our report to the insurance company.
Join forces with one of Atlanta’s leading licensed car appraisers and find out why so many choose to work with us.