Diminished Value - everything you need to know!

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.

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.

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.

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.

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.

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 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.

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!

Has your vehicle been declared a total loss because of a fire? If your insurance company wants to settle for less than what you believe it's worth, invoke the Appraisal Clause in your policy, and get it appraised! Call/text 786-853-0711

If your Jaguar has been in an auto accident, there are two possible outcomes: declared a Total Loss, or repaired and back on the road. Either way, you should be aware of the auto insurance industry's two biggest kept secrets: Appraisal Clause and Diminished Value. Do an internet search of both terms, and learn how you can receive a greater settlement than the insurance company is willing to pay. Call/text: 786-853-0711