Expert Car Appraisal for Diminished Value
File a DV Claim to Recover a Vehicle’s Loss in Value
If you’ve been in a wreck that was not your fault, you should get a car appraisal for diminished value and file a diminished value claim as soon as possible. A diminished value claim can help you recover the loss in value your car will incur as a result of the car being involved in an accident.
A diminished value report from a professional diminished value appraiser helps prove your case against an at-fault driver’s insurance provider. Diminished value depends on the severity of the damages endured and the quality and preciseness of the repair. A percentage of its original value can be restored but to what extent must be determined by a recognized diminished value expert.
The difference in a vehicle’s value before and after an accident is called diminished value, or “DV.”
This refers to how much the vehicle’s worth decreases after it has been restored.
The reason for loss in market value is simple, Would you buy a car if you knew it was previously in an accident? Most people would give it a hard pass or would only buy at a deeply reduced price–even if the cost of repairs restored the vehicle to pristine, pre-accident condition. Prior accidents reduce the value of a vehicle and must be documented in a vehicle’s history, protecting future buyers. When you sell a car that was damaged in an accident, you will get less money for it. This is why it’s important to get compensation for its diminished value when you experience a loss.
Before
After
It’s simple, Would you buy a car if you knew it was previously in an a previous accident? Prior accidents reduce the value of a vehicle and must be documented in a vehicle’s history, protecting future buyers. When you sell a car that has been damaged in an accident, you will get less for it, therefore it’s important to receive compensation for diminished value at the time of a loss.
When you sell a car that has been damaged in an accident, you will get less for it, therefore it’s important to receive compensation for diminished value at the time of a loss.
The answer most likely heard is NO. A logical buyer would not pay the same for a vehicle with a blemished history report as opposed to a vehicle with a clean bill of health. Even if the repairs were done perfectly, the vehicle will still be valued less and inferior to one that was never in an accident.
2. All-in-One Services, which can be very one sided and possibly not in your best interest.
3. Formula-based print outs that don’t include specifics that increase a car’s market value.
4. Non-auto industry (impostor) appraisers that don’t know an LX from an EX or a 6 cylinder from an 8.
5. Internet apps that offer low prices for a DV amount give a simple “DV figure.” They then charge hundreds more to get the DV report.
6. Services that won’t pick up the phone and talk to you or who charge phone time.
If you think you have no worries because you ran a report and there was no accident indicator… think again. It will eventually be there and drive down the value of your vehicle. By then, it will be too late to recover diminished value. A diminished value claim must be filed at the time of the loss.
COLLECTING DIMINISHED VALUE
It’s a Process
- Insurance companies often ask the claimant to hire an independent diminished value appraiser. This appraiser will create a report on the vehicle. The report should include detailed information. It must have specific data like prior loss values and post-loss value. It should also show real-time sales results. Finally, it needs to explain the method used to determine the diminished value amount. The burden of proof here is on the claimant. Having an auto expert with strong knowledge is very helpful. A good CV with years of experience is important. It is also beneficial if they hold an automotive title in a major market.
- The claimant will usually send the report via certified mail with a letter explaining what they are owed, including any loss of use or expenses related to the claim.
- Insurance companies will either pay out the claim, counter offer or deny the claim.
- Since the client is a victim of a loss he has the option to file a suit in small claims court (saving lawyer fees) or a civil lawsuit against the at fault party.
- A decision will be made based on the evidence provided by both parties.
The support of an auto mediator can become quite essential from the get go. The entire claims process definitely runs smoother when support from a knowledgeable mediator is at hand.
Contact Us Nationwide!
Why choosing an “Expert” is your most important decision
Whatever you do in processing your claim get the report done by a qualified auto appraiser. This can harm your claim throughout the process and cost you more money than you expected. This is not a race you want to start behind in and you will find that a good diminished value appraiser is worth his weight and will provide down the line. If you do not select us we can gladly recommend alternate auto appraisers that are competent and fully qualified that are responsible.
When you receive constant push-back from the insurance company and there is no avail other than to try your case in court (civil or small claims), a judge will most likely decide the case based on your extremely strong evidence.
This is where an expert with experience, training, a specific knowledge of the subject matter, technical background in the valuation process of vehicles, specialized skills in pricing and someone who is currently involved in the automotive auction process as well as a skilled mediator properly trained by the best university in the country for dispute resolution will help in the practical proof of your claim.
In some states mediation is mandatory prior to trial and this can be very important in utilizing our mediation knowledge and guidance. Most importantly you need to be prepared for your claim and our support will help guide you through the process. If need be (optional-court fees apply) we can act as Expert Witness in your case but this service is not mandatory.
TESTIMONIALS
From Our Clients
I was very happy when after submitting Auto Mediator's Diminished Value report the other side immediately acknowledged his expertise and his brand. I was able to recover the fair amount $70,000+.
Maria B
Our Law firm recently obtained a record settlement of $87,350 for diminished value and loss of use to a 2017 Porsche 911 Turbo S based on Steve's report.
Russ Kerr
– Kerr and Sheldon law firm