Should you own a vehicle that has been damaged or in an accident that was not your fault, you may be able to seek compensation from the insurance company of the at-fault party. With a diminished value appraisal in-hand, you can file a claim to determine the pre- and post-damage values of your vehicle and get the difference between the two from the insurance company.
When your car is damaged or totaled, it’s devastating, and it puts you in a bind. Your investment has been ruined, and the vehicle is now worth much less. If the vehicle was your commuter, then you may be completely out a vehicle and not have anything to drive. Should the vehicle be a custom or classic car, your investment is severely damaged because the car is worth significantly less.
You can file a claim with the at-fault party’s insurance company to seek reparation for the difference between what the car was worth and what it is worth now. You will need a diminished value appraisal to file the claim, however, to prove these values. The appraiser will go over your vehicle inch-by-inch and assess the damage, the quality of any repairs that have been done, and determine what the value of the car was and is.
You can also save yourself a significant amount of money by getting a new insurance policy. Since the vehicle is worth significantly less than it was, you don’t need to pay for insurance coverage that you don’t need. That puts more money back in your pocket every month.
Our appraisers are trained to carefully appraise vehicles of almost any type, and they are skilled in appraising customizations and modifications. They appraise RVs, motorcycles, boats, classic and custom vehicles, and more. You can depend on their skill and professionalism to arrive at accurate market values for your vehicle.
They will take dozens of high-resolution photographs and detailed notes and put them into digital and printed and bound copies of your appraisal. You can present the appraisal to the insurance company and to your own insurance company to get compensation or to save money on premiums.
With a diminished value appraisal, you are in a position to make the most of an unfortunate situation.