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Filmed in 2015

Announcer:
What is “diminished value” and how does your firm help recover money for that type of claim?

Todd:

Essentially your car is not worth as much as it was before it was damaged. It’s been repaired and now it’s worth less; so we get the diminished value because when you sell your car your gonna get less money for it.
We will hire a diminished value appraiser; they’ll come up with a loss in diminished value. That’s a demand we will make upon the insurance company.

Sometimes the insurance company will want to have their own appraiser look at your car and we allow that. They may come up with a different number and then that’s when negotiations take place.

The diminished value appraiser will look at all the repairs ever made, they’ll look at the invoice from the body shop and they’ll look at what the car is selling for on the current market. They’ll come up with the diminished value amount  and they will  base it upon their experience.

Often times we will have a diminished value appraisers testify in  arbitration  or in court proceedings. There’s a variety of people out there who do diminished value appraisals.
Its very important talk to an attorney who knows some of the most credible people who could help you in your case.

 

Find out more about diminished value here , our diminished value service here and about diminished value on a leased car here.

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