Diminished Value of Georgia featured on WSB-TV Atlanta Video Transcript
Shannon Walshe: Hi, and welcome to The Daily 2, I’m Shannon Walshe. Today, we’re gonna tell you how to protect your investment if you’re in a car accident. Joining us is Tony Rached, a licensed car appraiser. Tony, tell us about your company Diminished Value of Georgia.
Tony Rached: Hi, Shannon.
Rached: So what we do is that we determine the loss of value the vehicle suffers after an accident. So, in this case, we have a Stingray, and this car is worth $50,000. You get into a bad accident. Now, the car is no longer worth $50,000, it’s worth $40,000. So the loss in value would be the difference between $50,000 and $40,000, which is in this case $10,000. This is the diminished value. And that’s what you’re entitled to after an accident, from the insurance company.
Walshe: Well, if you’re entitled to it, wouldn’t the insurance company automatically cut you a check for the difference?
Rached: You would think so, but most of the time it does not happen, so you have to make a demand. So when you make a demand, you present them with the vehicle appraisal report such as this, and then at that point they’ll come in and tell you what you’re entitled to.
Walshe: So tell us what you do with Diminished Value of Georgia after someone has a car accident.
Rached: OK, so you give us a call after the vehicle’s been repaired. We go out to inspect the car, we make sure all the repairs were done right, all the panels are aligned, and the paint is smooth all around. Then we’ll give you that appraisal report, and then you’ll submit that to the insurance company. And that’s how you get on track to actually get compensated for that loss.
Walshe: So do you have any other advice for people after they get into a car accident on what steps to take to make sure that they maintain their investment?
Rached: OK, so make sure that the body shop you pick only puts OEM parts in your car and manufactured parts in the vehicle. Make sure you get it inspected, because sometimes you wouldn’t be able to tell. Sometimes your repairs are not perfect; we’d be able to tell you what’s going on. In that case, you’d take it back to the shop for proper repairs.
Walshe: Great information, Tony. Thank you so much.
Rached: Thank you for having me.
Walshe: If you would like to learn more, you can go online to DVGeorgia.com. I’m Shannon Walshe with The Daily 2.