Diminished value take place when a vehicle has been involved in an accident. Once a vehicle is damaged it does not have the same value as before. There is inherent diminished value when a vehicle is involved in an accident. The vehicle now has a stigma that is attached to it forever. Through reports like CARFAX and Auto Check, this vehicle will always have it. Once a vehicle has an accident report, it is worth much less. Wholesale value and retail value are both effected causing a lower dollar value, known as diminished value. There is diminished value that is based on the quality and extent on the repairs preformed to fix the vehicle whether there was structural repair, panel replacement or just paint work. This will all play into the currant value of the vehicle. 

 

The diminished value is brought to the forefront more so when it is being traded-in or attempting to sell. Many buyers will pass on purchasing a vehicle because it has an accident report. Because of that, most major auto retailers will not purchase a vehicle with an accident report. If they take one in on trade they will liquidate it at the auto auction. If you are trading or selling a vehicle that has diminished value it will not have the same value as prior to the accident. You will be in a situation to trade or sell the vehicle at a lower amount. 

 

Diminished value should be payed to you through the insurance settlement when your vehicle is involved in an accident caused by someone else. There are times when the diminished value given to you is far less than the value you should receive. Or you may not be given any diminished value. Before a settlement is made with the insurance company you need to make sure the reimbursement for diminished value is correct. At this point you will need a diminished value report preformed by an experienced auto consultant. I will evaluate the vehicle and determine the correct amount of diminished value that should be payed out. I will preform a comparison with diminished value lose on wholesale value and retail value, based on the present day automobile market to provide a true and accurate value.

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Diminished value cases can be complex and sometimes end up in court. We will work with attorneys to help settle diminished value cases.

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Please contact E.J. 772-631-2442