diminished value

What is Diminished Value ?

Diminished Value is defined as that portion of a damaged vehicle's pre-Loss Value that has Not been restored through the repair process. There are actually three (3) basic types of Diminished Value . . .

1. Immediate Diminished Value is the difference in resale value of a vehicle immediately before damage has occurred and immediately after damage has occurred (prior to repair). Most jurisdictions (courts) will use this standard as the primary measure of damage when courts are employed to seek reimbursement for damage from a negligent party. As courts are rarely the chosen venue for recovery of property damage, the standard of “Immediate Diminished Value” is rarely employed in resolving Property Damage claims ...

2. Inherent Diminished Value assumes optimal repair quality has been achieved and is defined as the amount by which the resale value of a repaired vehicle has been reduced simply because the subject vehicle now has a significant damage history. “Inherent Diminished Value” is the most widely recognized and accepted form of Diminished Value. It is also the basis upon which any supplemental form of Diminished Value would be added. A common “Supplemental” form of Diminished Value is “Repair Related Diminished Value” ...

3.Repair Related Diminished Value includes any additional amounts by which the resale value of a subject vehicle may be further reduced because of less-than-optimal repairs. This could include anything from minor cosmetic imperfections to major structural defects.

common questions

• Can I Collect Diminished Value

• Will I Need an Attorney

• How Do I Collect Diminished Value

• Will I Need Help to Settle My Claim

 

See Below

 

 

 

• Can I Collect Diminished Value

From the at-Fault Party's Insurance Company ... YES

If the at-Fault Party has No Insurance...YES...under your own policy's Uninsured Motorist Coverage

From My Own Policy's Collision Coverage ... YES...in Georgia

 

 


• Will I Need An Attorney

Probably No ... Over 93% Of Our Client's Are Able To Negotiate A Satisfactory Settlement Without Having To Litigate The Issue.


How Do I Collect Diminished Value

By providing the insurance company with a professionally prepared Diminished Value Report that documents the extent of your Diminished Value, explains the methodology by which the extent of Diminished Value was determined and includes independent recognized authority that supports the assessment expressed in the report. If there is ANY question as to the Quality of Repairs to your vehicle, we suggest you check our list of D/V Professionals. They can inspect your vehicle and address any potential "Repair Related Diminished Value" issues in conjunction with your vehicle's basic "Inherent Diminished Value". If there are no Repair Related issues ... [or] ... If there are no D/V Professionals located near you, you can secure and "Inherent Diminished Value" report directly through this web site by clicking on order direct from iCan and following that thread.

 

 

• Wil I Need Help To Setle My Claim?

YES ... The insurance industry keeps coming up with new excuses to not pay what they owe on Diminished Value Claims. To the uninitiated, some of their arguments actually seem to make sense. But, to the trained professional, we've heard all their arguments before and we know how to deal with each-and-every one of them. Over the past few years, the pool of diminished value “Appraisers” has mushroomed. There are now "Discount" Diminished Value appraisers that will pick-your-pocket for whatever they can get, in exchange for useless reports that are of No Value. The insurance industry even seems to be underwriting some of these Late Entries in an effort to Minimize their Payments on Diminished Value Claims. WARNING ...

 

• Beware of "Instant" Diminished Value Reports ... Insurance companies ignore them ...

• Beware of "We Do It All" [or] "Contingency Fee" Diminished Value appraisal services ...

• Most get their Values from an insurance company's Preferred DV appraisal service ...

• Those appraisal services still use the banned 17c Formula (or a version thereof) ...

• Insurance Companies Pay the "Low-Ball" Diminished Value settlement ...

• Their "Contingency Fee" and "Appraisal Fee" is then Deducted from Your Settlement!