Leave Review on Google Leave Review on Facebook Check out what our clients say

Chevy Tahoe: Total Loss or Diminished Value?

Image

You take your Chevy Tahoe for a quick oil change and then you get the phone call! Is it totaled? Let's say your Tahoe is worth $28,000.  In Florida, if the insurance company believes the cost to repair is close to 80%, or about $22,000, it's declared a Total Loss. If the damage is less, it will be repaired and your Chevy has suffered 'Diminished Value.' It's now worth less than before you took it in for the oil change. What to do?

If it's a Total Loss, your insurance company will probably offer you 10-12% less than it's actually worth.  You need to exercise your right to the 'Appraisal Clause' in your policy and hire an independent auto appraiser to determine the Prior-to-Loss Fair Market Value of your vehicle.

If it has Diminished Value, hire an independent auto appraiser for a Diminished Value appraisal to make a claim for the loss in value to your Tahoe. 

'Appraisal Clause' and 'Diminished Value' - the two best kept secrets in the automobile insurance industry!

Image

For car, SUV, truck, motorcycle, watercraft and light aircraft appraisals in South Florida, call text 786-853-0711

Tags

All blog car appraisal cars tires Auto insurance Safer driving Divorce appraisals Car consultant DiminishedValue Diminished Value VIN Vehicle Identification Number Collector Cars Appraisal Clause Pre purchase inspections Vehicle Inspections Charitable Donation Total loss Prior to loss Totaled car Wrecked car Modified vehicle Extended warranty Probate Estate settlement Boat appraisals Financing Stolen vehicle Auto theft Hyundai Restomod Amelia Island Auction Nissan Cadillac Auto accident Collector car math Porsche Stolen car Ferrari Agreed value insurance RM Sotheby Monterey Ford Thunderbird Pebble Beach McLaren Mercedes Austin Car Jokes Hurricane Dorian Flood Austin Healey BringATrailer Buick Audi R8 Motorcycle appraisal Lamborghini Most Expensive Car in the World Fair Market Value Datzun 240Z Barn find Ford Bronco South Florida Bullitt Mustang 1937 Cord Bugatti Chevy Tahoe Jaguar Rebuilt title car appraisal near me Boat appraisal Fair market value appraisal Triumph TR6 Auto Appraisal Tesla Florida Recreational vehicle Miura Pinto Veyron Yugo Trabant Koenigsegg collector motorcyle Bankruptcy Rolls Royce Charity Donations Polaris Slingshot Auto loan Merry Christmas Antiquecar Classiccar fordmustangfastback motorcargallery Alfa Romeo Chevrolet Tri-Five Race car Teen driving Excalibur Phaeton Fire total loss insurance settlements Ford Pinto Chevrolet Vega AMC Gremlin JDM Japanes Domestic Market Kuruma Imports Branded title Salvage title Dodge Durango SRT Hellcat NSX Ford Mustang Shelby Hurricane Ian Flood total loss Emission standards Citroen Peugeot Renault French cars Texas Ireland Joke Registration Dirtlegal Land-Rover Defender AMC Pacer southfloridacarappraisers BMW Depreciation Auto inpector car inspector Replica Tribute Clone Recreation Kit car Ford performance Prostate cancer Alvis Mens health Movember AACA Classic car financing 1959 Ford Fairlane Car appraiser Car adjuster Repair shop Stated Value AppraisalClause AutoInsuranceSecret Classiccars Investments Astonmartin

Facebook Feed

Is diminished value the same as depreciation? Is diminished value the same as depreciation?

Diminished value and depreciation are two separate and distinct issues. Diminished value is the difference between your vehicle’s market value before an accident and its value after an accident, once repaired. Depreciation is your vehicle’s loss in value over time, which is caused by normal wear and tear. Your car’s depreciation is determined based on its mileage, age, make, model, and general condition.

15 year old BMW 650 has over $5,000 in Diminished Value 15 year old BMW 650 has over $5,000 in Diminished Value

This 15 year old BMW 650 was in an accident caused by another, resulting in over $10k in damage repairs. Following a Diminished Value appraisal, the owner is now making a $5,000 claim against the insurance company of the at-fault driver.

Flooded cars in Fort Lauderdale and Hollywood, South Florida Flooded cars in Fort Lauderdale and Hollywood, South Florida

If your vehicle was damaged during the recent historic rainfall and floods in and around Fort Lauderdale and Hollywood, South Florida, it is highly likely your car will be declared a total loss by your insurance company. Be aware of the 'Appraisal Clause' in your policy, and/or do an internet search. Do not accept your insurance company's first offer. Invoke your 'Appraisal Clause.' Big $$$ at stake!

Diminished Value - everything you need to know! Diminished Value - everything you need to know!

Almost everything you need to know about Diminished Value to your vehicle is in this article: https://classicmotorsports.com/articles/crash-course-diminished-value/ If you have been in an automobile accident, contact us and we'll walk you through step-by-step what you need to do to receive compensation for your loss.

How much is my rebuilt title vehicle worth? How much is my rebuilt title vehicle worth?

As a follow-up to this post: https://southfloridacarappraisers.com/classic-car-news-and-tips/how-do-you-get-financing-on-your-branded-or-rebuilt-title-1657747143488.html? several have asked what effect a rebuilt title has on the value of a vehicle. As attorneys are known to respond – “it depends!” Comparing two identical vehicles, same year, make, model, options, mileage, and condition, the one with the rebuilt title can be worth anywhere from 20% to 40% less than the one with a clean, no accident history.

Stolen 2021 Dodge Durango SRT Hellcat Stolen 2021 Dodge Durango SRT Hellcat

With just 200 miles on the odometer, this 2021 Dodge Durango SRT Hellcat was stolen out of the owner’s driveway at 2:30 AM, never to be seen again! Fortunately, he had comprehensive insurance with the “Good Hands” folk! Unfortunately, they wanted to reimburse him just $83,036 for his loss! Luckily, he was familiar with, and decided to invoke, the ‘Appraisal Clause’ in his policy and hired Auto Appraisal Network of South Florida to provide a prior-to-loss fair market value appraisal.

Is your car repairable, or a Total Loss? Is your car repairable, or a Total Loss?

You have just been in an automobile accident and now you are wondering if your vehicle is repairable or if it’s totaled. Your body shop manager says that they are certain they can repair it, but the insurance company says they want to total it! What to do? Who do you believe? What are your options?

The two secrets the auto insurance industry doesn't want you to know! The two secrets the auto insurance industry doesn't want you to know!

The two secrets the auto insurance industry doesn't want you to know are "Appraisal Clause" and "Diminished Value." Almost every auto insurance policy has an Appraisal Clause, giving the policyholder, in the event their vehicle is declared a total loss, the right to an independent appraisal of the prior-to-loss fair market value. Diminished Value is the sudden loss of value because of an accident. If you were not at-fault in the accident, you can make a Diminished Value claim against the at-fault driver's insurance company. Call/text 786-853-0711 with any questions.

Should you tell your insurance company about upgrades and options? Should you tell your insurance company about upgrades and options?

Whether it's life, travel or automobile, insurance is the one item we purchase which we hope we never use. But, **** happens! Recently we handled total loss claims on a '90s Land Rover Defender and a 2021 Honda Civic Type R, both with over $10k in recent options and upgrades of which the owners never advised their insurance companies. We were able to settle for more $$$ than the insurance company initially offered, but the >$10k in upgrades was not covered! Yes, they saved a few $$ on the insurance premium, but lost thousands in the settlement. Don't be penny wise and dollar foolish! If you have invested in upgrades on your vehicle, advise your insurance company in writing!

Wrecked Porsche? Wrecked Porsche?

If your Porsche has been in an accident, whether it has been declared a total loss, or is repairable, by having a Prior-to-total loss Fair Market Value, or a Diminished Value appraisal, you will almost certainly have a higher cash settlement than the insurance company is initially willing to pay. Applies to all vehicles, not just Porsches!

Auto Appraisal Network South Florida

Enter Your Zip Code

Chevy Tahoe: Total Loss or Diminished Value?