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Definition: What is Diminished Value?
Diminished Value, by definition; is the depreciated value of an automobile, accelerated by an accident (collision) or incident (fire or flood).
Automobiles are depreciating assets and as such will decrease in value as time goes by. Diminished Value is the accelerated depreciation of a vehicle caused by a loss. Car accidents hasten the rate of depreciation and lead to an instant and quantifiable loss in market value.
FACT: Wrecked and repaired vehicles will always be inferior to, and have less value than, undamaged counterparts.
Courts have stated that vehicles involved in an accident suffer an inherent reduction in value, and that efficient repairs could not return said vehicle to its pre-accident condition or value. The majority of automobile shoppers will not be interested in acquiring a wrecked & repaired vehicle;the few that are, 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.
Typical Loss-in-Value Example:
This Lexus had an actual cash value of $24,000 before the wreck. Due to a rear-end collision that caused$10,500 in body and structural damage the post-repair market value of this vehicle is now $19,400.The immediate loss in resale value, in this case $4,600, is legally owed to the vehicle owner.
If you were involved a recent car accident, please visit our “ Do I qualify?” page to see if you are entitled to monetary compensation.
Why Hire an Independent Auto Appraiser?
To be properly compensated for the loss in resale value, it is very important to hire the most qualified Auto Appraiser. We understand times like this can be very stressful, this is why our licensed auto appraisers will guide you through your entire claim and offer assistance every step of the way.
Most insurers tend to use a bad formula called 17c to quantify the loss in value. Claimants, unaware of their right to reject and dispute that amount, end up leaving millions of dollars uncollected.
We have proved that the 17c formula is incorrect and inherently flawed, the Georgia Insurance Commissioner does not endorse the formula used by insurance carriers. Read the Georgia Insurance Commissioner Directive on Diminished Value.
Our Diminished Value Auto Appraisal Report
To document your loss, it is your responsibility to submit to the insurance company a bona fide car appraisal report. That is where we come in. Our diminished value auto appraisal report includes:
- Multi-Point vehicle physical 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
As you can see, this is a complete and comprehensive Diminished Value Solution that you cannot find elsewhere. Why hire Diminished Value of Georgia for your auto appraisal needs.
If you are ready to move forward, visit our order page to get started. We look forward to helping you collect the payout you truly deserve.
Not All Car Appraisers Are Created Equal!
In Georgia, regardless of fault, you are entitled to your vehicle’s loss in resale value. Collecting diminished value on the other hand depends on many factors, the most important of which is the selection of a competent auto appraiser. Your insurance settlement is proportional to the credibility and accuracy of your appraisal report. Insurance carriers know who the legitimate appraisers are, don’t spend your money on a bad appraisal.
For best results and for the highest payout percentage, always hire a licensed auto appraiser. Someone that is reputable, BBB accredited (with no complaints) and always check if the appraiser you’re considering offers a money back guarantee! Our appraisals might be lower than the competition, but our settlement amounts are by far greater. Would you rather collect 80% of $5,000 or 20% of $7,000? you do the math.
Our appraisers and inspectors have 30+ years of combined auto experience, we are experts in automobile valuations and the authority on diminution in value auto claims. In 2012, we helped our clients achieve an additional $7.45 million in additional insurance claim payments.
We know diminished value law, in fact, our senior appraiser is approved by the Georgia Bar association to conduct attorney continued legal education.
We are so confident of the quality of our appraisal services, we offer an industry first 100% money back guarantee, we are ethical, accurate and reliable. You can retain our appraisal services for a flat appraisal fee.
Get Started with a Free Diminished Value Estimate
