WHAT IS DIMINISHED VALUE?
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DIMINISHED VALUE OR DIMINUTION IN VALUE REFERS TO THE LOSS IN A PROPERTY'S MARKET VALUE AFTER IT WAS DAMAGED IN AN ACCIDENT AND REPAIRED. IT IS MOST OFTEN ASSOCIATED WITH AUTOMOBILES BUT IS APPLICABLE TO OTHER PROPERTY OF VALUE INCLUDING REAL ESTATE OR COLLECTIBLES SUCH AS JEWELRY AND ARTWORK. DIMINISHED VALUE IS THE DIFFERENCE IN MARKET PRICE FOR A VEHICLE BEFORE AND AFTER AN ACCIDENT. IT IS DIFFERENT FROM DEPRECIATION, WHICH REFERS TO A DROP IN VALUE OVER TIME.
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WE HAVE LEARNED THAT THIS IS A TERM THAT MOST PEOPLE DO NOT UNDERSTAND, EVEN SEASONED VETERANS IN THE INDUSTRY. THIS IS NOT AN AREA INSURANCE COMPANIES LIKE TO DISCUSS AT ALL.
THIS IS WHERE WE COME IN. WE WORK FOR YOU, NOT SOME INSURANCE CARRIER THAT OWES YOU MONEY, THEN DICTATES WHAT YOU ARE OWED. THIS IS TYPICALLY NOT IN YOUR BEST INTEREST.
WE ARE EQUIPPED AND READY TO FIGHT FOR THE MONEY YOU ARE OWED.
AFTER ASSESSING YOUR CLAIM, WE WILL EVALUATE THE POTENTIAL LOSS IN VALUE OF YOUR VEHICLE RESULTING FROM THE ACCIDENT. WE WILL COLLABORATE WITH THE INSURANCE COMPANY'S APPRAISER TO DETERMINE THE AMOUNT DUE FOR THE ACCELERATED DEPRECIATION/ DIMINISHED VALUE.
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Services We Offer :
-Diminished Value Appraisals
-Total Loss Evaluations
-Charity/Donation Appraisals
-Estate/Divorce Vehicle Appraisals
-ACV/Fair Market Valuations
-Claim Settlement
-GAP Insurance Appraisal
-Body Shop Collision Repair Audit
-Umpire and Mediation Services
Are you in need of accurate collision and repair estimates?
Our skilled team is dedicated to delivering a comprehensive evaluation and clear pricing.
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Cars and Truck
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Motorcycles
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Recreational Vehicles
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Heavy Duty & Commercial-Tractor Trailers and equipment
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UTV, ATV’s and Specialty Vehicles
Inherent diminished value
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This is the loss in your vehicle’s value just because it was involved in an accident. Even if it is repaired to a near-perfect condition, your vehicle’s history report will show that it has been in an accident, and this will reduce its market value. For this reason, an inherent diminished value claim is the most commonly filed and accepted type of diminished value claim.
Types Of Diminished Values
Accelerated Diminished value
Immediate diminished value is the worth of your car immediately after an accident and before it is repaired. Although the court systems use this type, it is rarely used by insurance companies because most cars are repaired after an accident. And depending on the circumstances of the accident, your insurance company may pay for repairs.
Repair-related diminished value
Repair-related diminished value is based on the possibility that your car may not be restored to its original condition. It is due to the use of aftermarket parts rather than genuine or original equipment manufacturer (OEM) parts or low-quality repairs which add up to your vehicle's loss value. Using OEM parts or original equipment manufacturer parts and high-quality repairs helps prevent repair-related diminished value.