You may not be aware that you can get a diminished value appraisal to help you recover some of the financial losses of your vehicle being damaged by someone else. Instead of only getting an appraisal when your car is undamaged to protect your investment, a diminished value appraisal can help you get some of your money back that you put into your vehicle.
When your vehicle is in a wreck and it’s not your fault, you can file a claim with the insurance company of the at-fault party. The diminished value of your car is the difference between what the car was worth before the damage happened and what it is worth after the damage occurred. With the diminished value appraisal, you have official documentation of how much money you lost on the value of the vehicle when it was damaged.
Our appraisers appraise many types of vehicles, including RVs, boats, motorcycles, and custom vehicles. They know the appraisal and vehicle industries well. In addition, they have completed a comprehensive appraisal training program that empowers them to accurately determine a vehicle’s value. They use our extensive database of comparable sales to help them accurately determine the vehicle’s value before and after the damage. They go over the vehicle inch-by-inch and take dozens of high-resolution photographs to include in their report.
Additionally, they can take into account any repairs that have been made and how well they were done. This is important if you’re considering selling the vehicle. You want to know how much you can reasonably sell the vehicle for, including any repairs that you have already had done. The appraisal can also uncover repairs that you need to have done to sell it at the highest possible price.
If you do sell the vehicle after you have done the repairs, the appraisal can help you verify for potential buyers that you have had the necessary repairs done and that they were done correctly. This can help convince them to purchase the vehicle even though it was damaged.
If you’re going to submit a diminished value claim to the insurance company of the at-fault party, you can add the cost of the appraisal to your claim so that you can get your money back for that cost as well as the settlement that can help make up for the lost value of your vehicle.
Contact us for your diminished value appraisal today.