What is a Diminished Value Appraisal?
Have you ever wondered what happens to your car’s worth after an accident? Insurance companies typically cover the immediate repair costs, but the real story unfolds when you decide to resell your vehicle. You’ll likely discover that its value has taken a hit.
Diminished Value, the difference between your car’s pre-accident and post-accident value, comes into play. What a buyer is willing to pay determines your car’s value, and thanks to the popularity of Carfax® and Autocheck® vehicle history reports, potential buyers are more informed than ever.
Imagine this scenario: Two identical used cars are for sale, but one has a history of undergoing significant repairs. Most buyers would opt for the accident-free option, leading to negotiation for a lower price for the repaired vehicle due to perceived diminished value. Even if the repairs were top-notch, you’d likely receive less money for your vehicle, whether you sell it immediately after repairs or years later.
The Secret Insurance Companies Don’t Want You to Know
Diminished value is a concept that often eludes people. If you’ve been in a motor vehicle accident, you’ve likely encountered insurance adjusters who aim to limit their payouts. They will avoid addressing the decrease in your vehicle’s value until you bring it up. And when you do, be prepared for a battle! They will present various objections against your claim, and without proper knowledge and an appraisal, they may succeed in underpaying you.
Our website is designed to equip you with more information than most adjusters possess, giving you a fighting chance. If you weren’t at fault for the damage to your vehicle, you have the right to recover the lost value from the at-fault party or their insurance company. You deserve to be made whole, and mere repairs won’t achieve that.
Louisiana Revised Statute §9:2800.17 specifically addresses liability for the diminution in the value of a damaged vehicle, but you MUST PROVE YOUR CLAIM!
Steps in Pursuing a Diminished Value Claim:
Step One – Determine Feasibility:
We begin by reviewing a copy of your repair estimate, which you can fax, email, or submit using our assignment form. Our feasibility review considers various factors, including vehicle history, make, model, liability concerns, and the insurance company you’re dealing with. We’ll then contact you to discuss the feasibility of your diminished value claim – all at no cost to you.
Step Two– Determine Accurate Amount with Diminished Value Appraisal:
If your claim appears feasible, the next step involves a detailed appraisal. Insurance companies often try to minimize payouts, using unfair formulas. The most accurate way to assess the decrease in your vehicle’s value is by gathering data from multiple used car sales managers in the local market. We utilize a 13-year database of local dealer assessments integrated with ChatGPT artificial intelligence for comprehensive data analysis. Although this helps to better understand an acceptable range of diminished value in our area, we continue to consult local sales managers for up-to-date evaluations.
Step Three – File and Pursue Claim with Insurance Company:
The final step is submitting a demand to the insurance company. We provide you with a sample demand letter that you can customize and send to the insurer. Most adjusters will pay the claim once they receive a legitimate appraisal, though some may attempt to negotiate. We’ve encountered every excuse and tactic and can provide additional information to help you navigate negotiations. If necessary, seeking legal assistance may be an option, but with our guidance, you’ll be well-prepared.
We proudly offer diminished value appraisals throughout the States of Louisiana, Mississippi and Alabama. To kickstart your journey to recovering the hidden value in your vehicle, feel free to download our complimentary ebook “The Secret of Diminished Value in Louisiana” to learn all you need to know about pursuing a diminished value claim there.
Don’t let diminished value remain a mystery – take control of your vehicle’s worth today!
The following news report will help you to learn more:
Learn more about diminished value on our blog page. Here are a few recent articles below: