Diminished Value Claim in Florida
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Can you make a Diminished Value claim on an older collector car? As attorneys are known to say "it depends!" Generally, when a car is fully depreciated, the likelihood of a Diminished Value Claim is slim. Collectors cars may be fully depreciated, and then their value starts to rise. Think 1970's air-cooled Porsches! Is this 1960 Jaguar XK150S DHC a candidate?
As seen in a South Florida wrecker's yard, along with many other total loss vehicles. But did it pass or fail? Hmm... If your vehicle was involved in an accident and declared a total loss, do not accept the insurance company's initial offer! Invoke your right to the Appraisal Clause in you policy and get an independent appraisal of its prior-to-loss fair market value. Call/text 786-853-0711
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!
May all your automotive aspirations come true in 2021! Best Wishes from the Auto Appraisal Network Team
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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!
Unfortunately, one of the outcomes of the ongoing COVID-19 pandemic is the increased number of bankruptcies. Trustees, in charge of rounding up all of a debtor's property, are increasingly requiring appraisals of any motor vehicles owned. We have several options to help. For information, call/text 786-853-0711