Cars and trucks that have been damaged are likely to have a lower fair market value even if repaired properly. Recovering the cost of repair is not always sufficient to make a claimant whole again. Even after repairs, an owner may not be able to sell the vehicle at its fair market value before the accident. Courts have affirmed that when the cost of repair will not restore personal property to its fair market value, the diminished value may also be recovered. This is typically done by hiring an automobile diminished value appraiser.
Our methodology for determining diminished value is unique within the industry. After making our determination of a car’s loss in value, we confirm our opinion by consulting with the sales managers at six local dealerships. We average their unbiased opinions to establish the vehicle’s diminished value. This proof establishes probative evidence into the existence and approximate amount of diminished value. It is this type of reporting that car owners need to convince insurance companies to make fair settlement offers. In cases that require litigation, this evidence is what is necessary to obtain favorable judgements.
The appraiser has two jobs. The first job is to research and report on the vehicle’s loss in value. The ideal diminished value appraisal will contain the appraiser’s own opinion and further confirmation acquired by conversations with the sales managers at multiple new car dealerships, all which should be listed. Use of formulas, algorithms, book value and online ad comparisons is not recommended. The second job is to act as an advocate if any problems should arise with the claim. It is not unusual for an insurance company to lowball these types of claims so the appraiser’s expertise in this area is invaluable.
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Click on the payment button above to pay by Credit Card or Paypal. The fee for an Automobile Diminished Value Report is
$275.00. You may also make your Credit Card Payment by telephone, call 772-359-4300. Tesla and other exotic car owners please call for rates.
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