Diminished value refers to the reduction in a vehicle's market value after it has been damaged in an accident. Even if your vehicle is fully restored to its pre-accident condition, the fact that it has an accident history will lower its resale value. Buyers are often unwilling to pay the same price for a vehicle with an accident record as they would for a comparable vehicle with no such history. This decrease in value is something you can recover through a Diminished Value claim, particularly in states that allow claims against the at-fault party’s insurance company.
- What is diminished value? Diminished value is the reduction in the value of your vehicle due to an accident.
- When you sell your vehicle with an accident record, you may be legally obligated to disclose that it has been in an accident. No buyer will knowingly pay the same for a vehicle with an accident record, as they will pay for a similar/comparable vehicle that has no accident record.
- You may be entitled to recover the amount of the diminished value.
- If your vehicle has been in an accident, it WILL automatically be worth less than it was prior to the accident, even if it is restored to near perfect prior to accident condition. This is referred to as “Inherent Diminished Value.”
- If your insurance company has not agreed to repair your vehicle properly according to manufacture guidelines and safety specifications, this is referred to as “Insurance Related Diminished Value.”
- When your vehicle has been repaired improperly and has workmanship flaws and defects due to poor repairs, this is referred to as “Repair Related Diminished Value.”
- Auto Praise can provide you with all the services and documentation that you need to fight the insurance company and receive your just compensation that is rightfully owed to you.
Types of Diminished Value
- Inherent Diminished Value: This is the loss in value your vehicle suffers simply because it has been in an accident, even if it has been perfectly repaired.
- Insurance Related Diminished Value: This occurs when an insurance company fails to repair your vehicle according to manufacturer guidelines and safety specifications, resulting in a loss of value.
- Repair Related Diminished Value: This type of diminished value results from poor or improper repairs that leave your vehicle with noticeable flaws and defects.
Why a Diminished Value Appraisal is Important
If your vehicle has been in an accident, it WILL be worth less than it was before the incident, regardless of the quality of the repairs. This loss in value is something you are entitled to recover, and Auto Praise can help you do just that. Our Diminished Value appraisals are conducted by experienced professionals who understand the complexities of vehicle valuation and insurance claims. We provide detailed, certified appraisal reports that hold up in court, giving you the evidence you need to fight for fair compensation.
Why Choose Auto Praise for Your Diminished Value Appraisal?
At Auto Praise, we are committed to helping you recover the full value of your vehicle after an accident. Our Diminished Value appraisal service is designed to provide you with the documentation and support you need to fight the insurance company and get the compensation you deserve. We combine our industry expertise with a commitment to client satisfaction, making us the trusted choice for Diminished Value appraisals.
Key Benefits of Auto Praise's Diminished Value Appraisal Service
- Certified Appraisals: Our appraisers are I-Car Platinum Certified Auto Physical Damage Appraisers, ensuring that our reports are accurate, reliable, and legally defensible.
- Expert Representation: With years of experience in the insurance and automotive industries, we know how to navigate the claims process and advocate for your rights.
- Maximize Your Compensation: By accurately assessing the Diminished Value of your vehicle, we help you secure the maximum compensation possible.
- Peace of Mind: With our detailed appraisal report, you can confidently pursue your claim, knowing that you have the evidence needed to support your case.
Don't Settle for Less—Schedule Your Diminished Value Appraisal Today
If your vehicle has been in an accident, don’t let the insurance company shortchange you. Schedule your Diminished Value appraisal with Auto Praise today, and let us help you recover the loss in value of your vehicle.
