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DBA: Auto Valuation Authority
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What is Diminished Value? Diminished value is the term used to describe the loss of value a vehicle suffers as a result of being involved in an accident. |
| Understanding Diminished Value | |
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The simplest way to understand it is to think of it this way: You are shopping for a good used vehicle. You arrive at a dealership and sitting on the front line are two vehicles that appear to be exactly alike. They are both priced at $25,000. They are the same year, make, and model. They are the same color, have exactly the same equipment, and both have exactly the same miles on the odometer. The only difference is that one of the vehicles has been in a severe accident and then repaired. Because the sales person was honest he told you it had suffered about $10,000 worth of damage to the frame, suspension, front end, and both doors. The question is this: Would you choose the wrecked and repaired vehicle? Of course not! No one would pay the same for a vehicle that has been in a bad accident. Many people wouldn’t buy it for any price because of possible safety issues should the vehicle been repaired incorrectly. Modern vehicles have crumple and crush zones to help direct the energy away from the passenger compartment and fuel tank in the event of a severe accident. If the vehicle wasn’t repaired correctly, and one or more of these crumple zones are compromised, it will not be as safe in the event it’s again involved in a collision. Unfortunately, the only way to know if the safety features are intact is to have an accident and see if you survive… and of course… it could be too late by then. No one wants to subject themselves or their loved ones to this possibility. That is why a severely damaged and then repaired vehicle will NEVER be worth what the same but never wrecked vehicle is worth. So, if your vehicle was involved in an accident, it’s no longer enough for the insurance company to pay to have it repaired. Case law now dictates that you must be compensated for the loss of value the vehicle suffered as a result of the accident. Auto Valuation Authority calculates that loss of value and helps you collect that lost amount. So now you know what diminished value is all about! Call us today at (602) 943-7771 to find out if your vehicle will qualify, and what the process is to collect the reduction in value to your vehicle. You have it coming to you, and we will help you through the process. In most cases we are talking about significant amounts of money. Usually thousands of dollars! |
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Attorney E.L. Eversman is known as the premier legal authority on diminished value and has written extensively on this subject. Click here to learn more about her work. |
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