If you’ve recently been in a car accident, you might be wondering how much your vehicle’s value has been impacted. Understanding diminished value is crucial, especially if you’re driving a premium model like the 2024 Lexus IS.
Many insurance companies undervalue your vehicle’s worth after an accident, using outdated formulas that don’t reflect its true market potential. In this article, we’ll break down the numbers to show you exactly what your Lexus was worth before and after the collision, using a detailed case study to illustrate how much you might be leaving on the table.
Discover how to claim the full amount you deserve and why a professional appraisal could be your best tool in this process.
Was Your 2024 Lexus IS in an Accident?
Using a detailed analysis and our patent pending methodology, we can determine the diminished value of your 2024 Lexus IS. Here’s a breakdown of the essential figures:
| Diminished Value Calculator | |
| Before Accident Cash Value | $56,125 |
| After Accident Cash Value | $44,900 |
| Diminished Value | $11,225 |
These numbers are not just pulled out of thin air. They’re derived from a combination of comparable market data, the quality of repairs, and the vehicle’s condition before the accident. This calculated approach ensures a realistic representation of your car’s loss in value, unlike the 17c Formula method used by most insurance companies.
How about letting our team get you the best value for your insurance claim?
- Discover your car’s true value
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- Vehicle history report
Factors That Impact Diminished Value
Several factors contribute to determining the diminished value of your Lexus:
- The severity of the damage: Significant structural or cosmetic damage will have a greater impact on your car’s value.
- The quality of repairs: While high-quality repairs help, any evidence of damage reduces value.
- Vehicle age and mileage: Newer, low-mileage vehicles like the 2024 Lexus IS 350 are more likely to suffer higher diminished values.
What Is Diminished Value?
Diminished value is essentially the difference in your car’s market value before and after an accident. Even if your 2024 Lexus IS 350 is repaired to the highest standards, the fact that it was in an accident will lower its resale value. Buyers and dealers typically view a vehicle with an accident history as less desirable, which translates into a lower offer.
→ Read: How to File a Diminished Value Claim After a Car Accident?
Click here to check our frequently asked questions for more Diminished Value content: Diminished Value Information Center
Why Do You Need an Appraiser?
Bringing an appraiser on board can make a world of difference for your diminished value claim. Here’s why:
- Expertise: These pros have the expertise to accurately assess the diminished value of your car, maximizing your claim.
- Credibility: Their detailed reports bolster your claim, making it tough for insurance companies to lowball you.
- Leverage: Armed with a professional appraisal, you’ve got the upper hand when negotiating with insurers.
Fill out the form below to get a FREE Claim Review or call (678) 404-0455 and receive the compensation you deserve. Discover how much your car lost in value for free.
Conclusion
Navigating a diminished value claim can be challenging, but it’s crucial to ensure you’re not shortchanged after an accident. With a professional appraisal and a clear understanding of your car’s true worth, you stand a much better chance of getting the compensation you deserve.
Don’t let insurance companies use outdated formulas to minimize your claim—take control of the process with the right knowledge and tools. Have you experienced a diminished value claim before?
