Most Americans have never heard of diminished value or the compensation they can get for it after an accident. Don’t let the insurance company tell you; they would rather keep you in the dark. ASK THE EXPERTS AT AADvantage Appraisers! We will give you a professional appraisal and provide you with the documentation you will need to get the compensation you’re entitled to.
Diminished value (DV) is the loss in market value that occurs when a vehicle is wrecked and repaired. A reasonably intelligent consumer will not pay the same price for a wrecked, then repaired vehicle, as they would for a vehicle with no prior accident history. Even if the repairs were done well, the vehicle still loses value. Potential buyers will have lingering doubts about the reliability of the car because of its accident history.
The loss from diminished value is real and could be worth thousands of dollars to you.
Let’s assume you were shopping for a late model used vehicle. You come upon a dealer who has 2 identical vehicles that match what you are looking for. These vehicles are the same year, make, and model. They have the same mileage and options. They appear to be in the same general condition. The sticker price for both vehicles is $20,000.
You ask the dealer if either vehicle has ever been wrecked and he tells you that one of the vehicles had sustained $6,500 in collision damage, but the repairs were expertly completed and you cannot tell that there was ever any damage. Now there are just 2 questions that remain.
If you were not at fault in an accident, the at-fault party (or their insurance company) owes you money.
How much value has your vehicle lost?
Don’t let the insurance company tell you. Ask the experts at A Advantage Appraisers. We will give you a professional appraisal and provide you with the documentation you will need to get the compensation you’re entitled to.
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