What is Diminished Value?
Diminished Value is the amount by which the Resale Value of a damaged / repaired vehicle has been reduced for having sustained significant damage. There are two (2) generally accepted types of Diminished Value.
- Inherent Diminished Value assumes optimal repair quality and is defined as the amount by which the resale value of a vehicle has been reduced simply because it has a significant damage history.
- Repair Related Diminished Value includes any additional amounts by which the resale value may be reduced because of less-than-optimal repairs. This could include anything from cosmetic imperfections to major structural defects.
Has My Vehicle Suffered a Diminished Value?
The newer your vehicle in better pre-loss condition, with no previous collision history and the more severe the current collision damage... the more resounding the "YES"! The older the vehicle in poorer pre-loss condition, with a previous accident history and minor current damage... the more deafening the "NO"!
How Do I Know for Sure?
Let the above answers serve as your guideline of probability. The more probable your vehicle has suffered a Diminished Value the more you need the DVASSESS vehicle diminished value assessment. This assessment will tell you the amount of value your vehicle has lost.
How Do I Collect Diminished Value?
The actual process will vary a little on a state-by-state and case-by-case basis. But the basics in all cases are the same. First you need to find our how the damage has effected your vehicle's value. Then, if the amount is worth pursuing, you will need to obtain documentation of your loss. Then you need to prepare a demand letter and submit it to the responsible party or the insurance company along with your documentation. And finally, you will need to be prepared to effectively negotiate with the responsible party of the insurance company to get the claim settled.
Why is DVASSESS the right choice?
With the DVASSESS system you have all of the options required to help you through the process. Find out how much value your vehicle has lost, then just get your documentation or get your documentation with detailed instructions, a sample demand letter and negotiating points & tips.