What is Diminished Value (DV)?
Dimished 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 will for a vehicle with no prior accident history. Even if the repairs were done well, the vehicle will still lose value.
It's just common sense.
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 & model. They have the same mileage & 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 $6,500.00 in collision damage, but the repairs were expertly completed and you can not tell there was ever any damage. Now there are just 2 questions that remain.
The bottom line is:
If you were not at fault in the accident, the at-fault party (or their insurance company) owes you money. This is true in all 50 states. There is over 75 years of case law to back that up. If you live in the state of Georgia, you can also collect your diminished value from your own insurance company, whether you were at fault in the accident or not. This is ased on a class action lawsuit in 2001 (Mabry v State Farm).
How much value has your vehicle lost?
Don't let the insurance company tell you. Ask The Experts at Collision Claim Associates, Inc. We are professional vehicle appraisers who will provide you with the documentation you need to get the compensation you're entitled to.
To learn more start with your free diminished value claim review
