Chevy Tahoe: Total Loss or Diminished Value?
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Google 'diminished value car' and there's lots to learn! Here's one explanation: 'After an accident, your car’s market value will decrease even if it goes through all of the necessary procedures to restore it back to its prior condition. Diminished value is the difference in your car’s market value before and after an accident. Even if you try to resell your vehicle, the history will show that it has been involved in an accident, which will bring its value down. A diminished value claim can help recover the costs to bring your vehicle back to the market price before an accident.' Need a Diminished Value Auto Appraisal? We can help!
Google: 'appraisal clause auto insurance', and you'll realize that most of the owners of these 'Total Loss' vehicles in this compound never knew the appraisal clause existed in their policy. Based on our own results over the past 12 months, invoking the 'Appraisal Clause' resulted in policy holders receiving an average of 17% or $3,970 more that the insurance company initially offered to settle! Protect your investment! Get it appraised! Call/text: 786-853-0711
Your late model Mustang was rear-ended and has an almost $14k repair bill! Now what? With a Diminished Value auto appraisal, the owner of this Mustang was able to make a claim of over $6k for the loss of value to his vehicle. Don't let the insurance company delay, deny of underpay your claim! Repaired or totaled, get an appraisal!
Two weeks after purchasing this Polaris Slingshot, 3-wheel motorcycle for $25,000, it was wrecked and declared a Total Loss. The insurance company wanted to settle for $14,735. The Appraisal Clause was invoked (we all have one in our policies), and after going through the appraisal and Umpire process, the insurance company settled for $24, 682. That's a $9,947 increase and 2,484% return on investment. Is your insurance company delaying, denying or underpaying? Call/text 786-853-0711
If your vehicle was caught in the South Florida flood caused by Tropical Storm Eta, depending on the damage, it might be declared a Total Loss. You do not have to accept the insurance company's offer to settle. Be aware of the Appraisal Clause in your policy and get an independent appraisal to determine its true Prior-to-Loss Fair Market Value. Call/text 786-853-0711 for help!
Or, to paraphrase: "How long is a piece of string?" As attorneys are know to say, "it depends." Diminished Value is determined by the number of labor hours, structural and non-structural assemblies repaired of replaced and several other factors. Because the replacement parts on high end luxury vehicles are expensive, the Diminished Value may be significantly higher. Have you have been in an accident through no fault of your own? You may be entitled to make a Diminished Value claim. We can help!
Remember the old line - "If something sounds too good to be true, it usually is!" Twice this month we've done pre-purchase inspections on 'deals' for out of state buyers. Upon arrival at the '07 Mercedes, we took one look, called the customer and said "you really don't want an appraisal! Walk away!" The second, a '14 Jaguar XKR was actually pretty good, but had been in an accident and thus suffered Diminished Value somewhere in the $3,000-7,000 range. Nice car, yes! Deal, no! Protect your investment! Get it appraised!
Through no fault of the owner, this 2015 Jaguar F-Type was involved in a serious collision requiring over $11,000 in repairs. As a result, it has now suffered 'Diminished Value.' An appraisal determined that the amount of Diminished Value is $4,750, which the owner may now claim against the insurance of the at-fault driver. Whether your accident vehicle has been 'totaled' or repaired, an auto appraisal will help you settle for more $$$$
Because of its relative vulnerability and fragility, a motorcycle that has been in an accident has a high probability that it will be 'totaled', or declared a total loss, rather than being repaired. Be aware of the 'Appraisal Clause' in your policy, and do not accept the insurance company's below fair market value settlement offer. Protect your investment! Get it appraised! Call/text 786-853-0711 for information.
How to Prove Your Diminished Value Claim: Florida is a diminished value state, which means you may be entitled to the diminished value of your vehicle after an auto accident. Under Florida law, a vehicle owner can pursue a claim for diminution from the negligent party who caused the accident, typically by filing directly with their insurance company. Diminished Value (“DV”) is the loss in market value that occurs when a vehicle is wrecked and repaired. To file a diminished value car insurance claim, you must provide clear proof of the diminution and its dollar value. The best way to do this is with a Diminished Value Auto Appraisal. We’ll walk you through every step. Call/text 786-853-0711.