So, you were heading to work Monday morning and you got rear-ended by a teenager checking their Facebook status instead of focusing on the road. Your 2-year-old car with low mileage that you planned on keeping until it was paid off is now instantly worth THOUSANDS of dollars less than it was before, no matter how professionally well the repairs are done. You are eligible to file a Diminished Value Claim against the at-fault party. This claim is made after all repairs are made and is generally filed against the insurance company of the person who was At-Fault. How much can you get back?? That is determined by the extent of the damages, how old your vehicle is, the prior to loss value of the vehicle, and more. Here is an example of a recent DV Appraisal Claim filed:
2021 Jeep Grand Cherokee L Limited
$11,789.71 = Total Damage
$49,700 = Prior to Loss Value of Vehicle
15% loss in Value
$7,455 in Diminished Value
Don’t leave money on the table after an accident. Your vehicle will now have a CARFAX and AUTOCHECK report that will follow until the day it reaches the great car crusher in the sky. It will be more difficult to trade that car in, and more difficult to sell it on the open market. It will be worth LESS. Plain and simple.
Where can you get more information on a Diminished Value Appraisal? Contact us for a FREE Consult. 833-888-VALU(8258)
Written by:
Jim Berger
Licensed Independent Adjuster & Appraiser
Florida License #W694344
Certified Auto Appraiser
