Has my vehicle lost value after being repaired?
Yes, we call this diminished value. This reduced value comes from the difference between the sale price of the same vehicle (that had no repairs) and the sale price of your repaired vehicle. If those two vehicles were side by side on a car lot the average consumer would prefer to purchase the vehicle without collision repairs. Or to put it another way, the consumer would expect to pay less for the vehicle that was repaired as a result of a collision. For this reason you need to get an appraisal that directly shows this loss in value!
The Three types of Diminished Value:
One is the result of a variation in the Quality of Repairs, the other Parts Related, and lastly Inherent Diminished Value. The first one works like this: my vehicle was in a collision, had repairs completed and now the paint doesn’t match. The value of your vehicle is less because the repairer has performed a repair such that it is obvious to any prospective purchaser. This is an example of quality related diminished value. Another type of diminished value would be when a repairer installs several parts made by a manufacturer that is not the original manufacturer of your vehicle. The use of an aftermarket hood and fender for instance. Although not obvious to the prospective buyer, once disclosed the buyer will consider the vehicle worth less since those parts have a lower value than original parts. This is an example of parts related diminished value. The third type, called inherent diminished value, is not related to the quality of repairs or to the parts used, but rather to the fact that the vehicle has sustained a collision and required repairs. The history of the vehicle has been permanently changed. The history of the repair is now inseparable from the vehicle and therefore affects the value of the vehicle. Any prospective buyer will consider a vehicle that has sustained a collision (and been repaired) as worth less regardless and separate from the quality of those repairs and the type of parts used. DiminishedValueReport.net will calculate a clear and accurate assessment of your Parts Related and Inherent Diminished Value.
Who can collect?
All 50 states allow for claimants to collect for diminished value. So that means in any accident where the other person was at fault, you are entitled to be compensated for the loss in the value of your vehicle. So you then might ask: What if the accident was my fault? In that case there are only three states that allow an insured to claim diminished value from their own insurance company: Georgia, North Carolina, and Kansas.
We can help you make your claim today!
Use our Diminished Value Quick Calculator to determine your loss instantly! With the information provided by your repair estimate you will be able to see your exact loss in value displayed on the screen. If you decide to not leave the money on the table you can choose from the two options below to claim your loss!
For $39 you will have unlimited access to the Diminished Value Calculator for 10 days + be able to download your sample collection letter + download your copy of our Claim Your Cash procedure. This will help guide you with all the necessary steps to getting paid!
For $89 you can use the hands free approach to making a diminished value claim! We will calculate your diminished value, prepare a professional report, write your collection letter, and give you a step by step guide to collecting your cash! With this option you will need to provide us with a copy of your estimate, a list of vehicle options, your home address, telephone numbers to reach you and also an email so we may send you the package.