Do I Really Need a Diminished Value Appraiser?
Diminished Value FAQ
Don’t be fooled by free DV calculators and online appraisers offering quick, cheap appraisals; they can cost you money in the long run. Free diminished value calculators frequently undervalue vehicles. Save yourself the trouble and go straight to an expert.
If you’ve been in an accident that wasn’t your fault, an appraiser could be your new best friend.
At Auto Mediator, we know the vehicle industry forwards and backward. We have the tools and expertise to provide a thorough, water-tight appraisal that will stand up to the scrutiny of an insurer or judge.
Our FAQ can help clarify some of the issues surrounding car appraisal.
1. Has Your Car's Value Dropped After Repairs? You Have Rights as an Owner
Even after the most skilled repairs after an accident, your vehicle faces a harsh reality: it will never return to its pre-accident condition. As the owner of the vehicle, you need to understand that perfect-looking repairs can’t erase your car’s accident history – and that history directly impacts your car’s value.
Here’s What Most Insurance Companies Won’t Tell You
When you call your insurance company, they might focus on visible repairs, but there’s more at stake. Even minor accidents create a permanent record in your vehicle’s history. Future buyers will see this accident history during their research, and that knowledge automatically reduces what they’re willing to pay – regardless of repair quality.
The Hidden Cost of Accidents
- Structural integrity changes can affect performance
- Manufacturer specifications may be compromised
- Even minor damage creates a lasting stigma
- Your vehicle’s value drops the moment accident history appears
Protect Your Investment
You have the right to file a diminished value claim for this loss in value. Don’t settle for just getting your car repaired – make sure you’re compensated for its decreased market value too. Our expert appraisals help vehicle owners like you recover what they deserve.
Ready to protect your car’s value? Contact us for a professional evaluation that helps maximize your diminished value claim.
2. My Car Looks New Again After The Repairs, Why Would I Need Help?
Just because a vehicle “looks” good after a proper repair doesn’t mean that it will be as safe as it was or hold up to a subsequent accident as well. When a structure is intended to crush a certain way or a frame has specific pressure points that when impacted bend in a specific manner(potentially saving the interior passenger compartment)the factory has created an optimum environment as best as circumstances can prevail. When those points have been altered, even by minimal damages, this could create a weakness in the structure compromising the engineering of the vehicle creating irreparable damages.
3. Diminished Value Claims for Leased Vehicles: Yes, It's Possible!
Driving a leased car doesn’t mean you’re out of luck after an accident. Whether you’re dealing with car insurance claims or considering buying out your lease, understanding diminished value rights is crucial. Here’s what you need to know.
Determining what the cause and effect of your case will be another story. Lets look at an example below of Lexus Financial allowing one of my attorney clients collect Diminished Value on Lexus’ behalf.
LEXUS FINANCIAL ALLOWS DV RECOVERY (PDF)
As you can clearly see in the above letter Lexus Financial has issued the letter allowing the client to collect Diminished Value on the leased vehicle providing the proceeds for the Diminished Value portion go to LEXUS.
The Truth About Leased Vehicle Claims
Your leasing company has a stake in the vehicle’s value, and many, including major players like Lexus Financial, actively support diminished value claims. After all, damage is damage – whether you own or lease the car, its market value still takes a hit after an accident in a leased car.
How This Benefits You
Buyout Advantages
Planning to purchase your lease? Any diminished value compensation typically goes toward your buyout amount. This could significantly reduce your final payment, making that end-of-lease purchase more attractive.
Negotiation Power
When insurance companies push back, having documentation from your leasing company supporting your right to claim can be a game-changer. Even if the compensation goes to the leasing company, you can use this as leverage in negotiations for other accident-related expenses.
What You Can Recover
A comprehensive claim might include:
- The vehicle’s diminished value
- Compensation for loss of use
- Professional appraisal costs
- Related expenses
Real-World Success
We’ve helped numerous clients work with their leasing companies to secure diminished value claims. For example, Lexus Financial regularly provides authorization letters allowing lessees to pursue claims on their behalf – proving these claims are both legitimate and achievable.
Smart Tips:
- Document everything related to your accident
- Get professional appraisal support early
- Communicate with your leasing company
- Understand your insurance policy coverage
Need guidance navigating your leased vehicle claim? Contact us for expert help in maximizing your recovery options.
Note: While we provide expert valuation services, specific legal advice should come from qualified attorneys in your state.
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