Diminished Value: The Secret the Auto Insurance Industry Doesn’t Want You to Know
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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.
If you are looking for a car appraisal near you, and you are in South East Florida, you've found us! Getting a car appraisal before you buy, sell, or trade a car helps you get a good idea of the vehicle’s value and puts you in a better-informed position to negotiate. Several factors can affect a car’s value, such as your location and what kind of buyer you’re selling to (if you’re selling). Where you go to get your car appraisal could also affect the estimate you receive. Online guides, lenders, car dealers and professional appraisers can all offer car appraisals.
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!
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
If you have tried to obtain a financing loan on a vehicle, say, 10 or more years old, you may have found that the lending institution won't do so without a current fair market value appraisal. In addition to financing, we provide diminished value and prior-to-total loss appraisals. Call/text 786-853-0711 for more info.
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?
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!
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!