5 Steps to filing a diminished value claim in Ohio.
In Ohio, the law is on your side, however the challenge is, as the claimant you have the burden of proof. The concept of diminished value is fairly simple, but proving how much you’ve lost can be subjective. That is why obtaining a Diminished Value Appraisal Report is helpful when presenting a claim to the other parties insurance company.
If your car has been involved in an accident it will be worth less money than it was before. Even if your car is fully repaired, it will have decreased in value. This is called diminished value.
If you think of things from the perspective of a potential buyer, this diminished value makes sense. If two vehicles were exactly the same in every way except one of them had been in an accident, which one would you buy?
All things being equal you would want the one that was not in an accident. This is why after an accident, even after an expert repair, your vehicle is worth less than before.
Consumers are also considerably more sophisticated than ever before. More and more car buyers want to know about the accident history of a vehicle before making a purchase. A variety of different services make finding this information cheap and easy.
How Accidents Affect the Trade-In Value of Your Vehicle
Because consumers are more concerned about buying a car th...
If you told your financial advisor that you were considering investing in classic cars, you might be surprised at his reaction. Once considered a simple hobby, the buying and selling of classic vintage automobiles can now be an astute investment for the savvy collector. Consider the following:
You can collect wine. But over the last 10 years, classic cars have outperformed wines as an investment. And you canʼt bottle any more 1950s Ferraris.
You can assemble large quantities of stamps or coins. Classic cars appreciated more than these items over the last decade. And they are a lot simpler to track as an investment than thousands of smaller items.
Perhaps you love art and wonder about its investment potential. The average collectible auto has appreciated more than a piece of fine art in the last 10 years. And the painter whose work you cherish could be actively creating many more paintings during his lifetime.
What about gold? Gold as an investment has gained more value over the last 20 yea...
Many of us have collections of something. Maybe itʼs as simple as baseball cards from our youth, or autographs from our rockstar heroes, to as complicated as a storage building full of antique automobiles. While collections can attain significant value, and some, such as classic cars, can be savvy investments, most collectors start accumulating items for their emotional value. Monetary concerns are secondary.
Psychologists tell us there are many reasons why we collect:
We may wish to relive our childhood. Keeping simpler, more pleasant times alive can be a satisfying pastime.
Sometimes we connect to a period of history. Whether itʼs Civil War memorabilia, or depression-era glass pieces, something in our psyche resonates with a particular area.
We may wish to keep the past in our present. Keepsakes can stimulate our memory and help us to understand ourselves by understanding our past.
The thrill of the hunt may get our juices going. Searching for that elusive item to complete a collection ca...