Diminished Value is the drop in the resale price of a vehicle caused by an accident. Buyers will always prefer an undamaged car over the one that has been in an accident previously. Saying this in another way, a damaged and repaired car will always get less money in the open marketplace than an undamaged car.
By law, the party due to whom negligence the accident take places, is accountable to pay compensation for all direct as well as indirect losses. This is a general right and applicable in all each Jurisdiction and countries.
So what is diminished value appraisals about? To get compensated for the losses in the diminished value of your vehicle, you have to submit a demand letter along with an appraisal report to the other party at fault requesting rapid and just compensation for your loss.
When Should You Take Our Services?
You surely required getting diminished value appraisals services from a reputable firm since an appraiser can help you in the following situations;
- The insurance corporation is being unjust in their assessment
- The insurance corporation is not assessing the loss in value properly
- The insurance corporation request you to show proof of loss
- Your insurance policy entails an appraisal report
Following are some important points to note since in any case of the one you don’t qualify for diminished value, have a look below;
- If the automobile has a branded name
- If the automobile was totaled
- If the automobile has a salvage title
- If the car has multiple accidents previously more severe than this one
Hence, getting your loss value is critical and you cannot do it alone. Therefore we proffer our valuable services of diminished value appraisals to help you claim for the losses and get compensated as early as possible.