Diminished Value Appraisal Services
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Diminished Value Appraisals
What is diminished value?
Diminished Value is the loss in value a vehicle has suffered simply because it was damaged. Even though your vehicle has been professionally repaired, and may look the same as it did before the damage occurred, there is still an inherent loss in value to your vehicle. For the simple fact that no reasonable potential buyer, would pay the same amount of money for a vehicle with a damage history report as they would for a comparable vehicle that has never been damaged.
Check out our video to learn more about Diminished Value
Our Certified, USPAP compliant appraisals can be submitted to your insurance company as credible proof of your loss of value. Without a solid understanding of the loss of value in your vehicle, and documentation to support, you will likely walk away with far less than the actual loss you have incurred. We can establish the dollar amount that your vehicle has diminished in value, use our experience and expertise to your advantage!
What the Insurance Company may tell you:
Claims adjusters are trained to close claims at the lowest cost they can. When your vehicle has been damaged by a collision caused by another party you are stuck dealing with that persons insurance company who does not have your best interest in mind. Insurance companies are known to misrepresent the facts about Diminished Value and mislead you into thinking you are not owed this compensation. The law in Ohio is very clear. If your car has lost value as the result of a vehicle accident that was not your fault, that person owes you for the loss of value of your vehicle.
Sometimes, insurance companies may either try to deny a loss of value claim of offer a fraction of the actual loss of value your vehicle has suffered. If you are told that insurance companies do not have to pay Diminished Value claims in Ohio, this is simply not true.
If you are told that insurance companies do not have to pay Diminished Value claims in Ohio, this is simply not true.
How Accidents Affect the Trade-In Value of Your Vehicle
Because consumers are more concerned about buying a car that has been in an accident, car dealerships are also more cautious when handling cars with accident histories. It is now standard practice for dealerships investigate the accident history of a potential trade-in.
Because car buyers prefer cars that have not been in accidents, even a minor car accident can significantly reduce the value of your car at trade-in. Some cars see up to a 25% loss of value after a car accident, even after the car has been fully repaired.
How do I collect Diminished Value?
Insurance companies will try to make your diminished value claim a difficult process. With our assistance, the process is much easier. First you will need to schedule an appraisal with your appraiser Jerry Jenkins. Once Jerry prepares your appraisal report, it can be submitted directly to the at-fault parties insurance company with our free demand letter.
Once you have submitted your appraisal report and demand letter, then you can expect negotiations from the insurance company to begin.
Once you have hired Appraisal Wise, Jerry Jenkins becomes your personal expert. Jerry will be available to provide technical support throughout this entire process and will even testify as expert witness in court if necessary.
Having an Expert in Your Corner
When you come to Appraisal Wise to get your diminished value appraisal, you are getting much more than just a report. You are also getting Jerry Jenkins as your personal expert. Jerry will give you technical support during the process and can even testify in court as an expert witness, if needed.
We help you get the full amount of diminished value you are owed by sending out the completed diminished value appraisal report to the insurance company representing the at-fault driver with our demand letter explaining what you are owed.
PROFESSIONAL & COMPREHENSIVE REPORT
A professional and comprehensive report that is written to comply with current USPAP (Uniform Standards of Professional Appraisal Practice) standards & appraisal methodology. All research and data collected will be used to produce a custom format for your specific appraisal assignment.
AUDIT & ANALYSIS OF REPAIR BILL
An audit and analysis of the final repair bill from your body shop.
DETAILED DESCRIPTION OF DAMAGE
A detailed description of the type and extent of damage suffered as result of the accident, including the identification of the specific components that were damaged and repaired.
PRE-LOSS FAIR MARKET VALUE
Stated pre-loss fair market value of your vehicle as of the date of loss, which is the effective date of your appraisal.
POST-LOSS FAIR MARKET VALUE
Stated post-repair fair market value of your vehicle.
CONCLUSION OF DIMINISHED VALUE
Conclusion of diminished value suffered as a result of the accident
EXPLANATION FOR DIMINISHED VALUE
An explanation for the basis of diminished value methodology and how a vehicles damage history impacts its value in the current marketplace.
DETAILED N.A.D.A. REPORT
A detailed N.A.D.A. report with VIN decoding and adjustments for mileage & options. *Using the retrospective date of loss which is important because often times your appraisal will be completed months after the accident happened.
COMPARATIVE VEHICLE VALUES
Comparative vehicle values in the current marketplace
SIGNED CERTIFICATION STATEMENT
Signed certification statement by Jerry Jenkins CAGA, GPPA, CMEA
LISTING OF CERTIFICATIONS
A listing of Jerry Jenkins’ educational background, professional experience and appraisal certifications.
FREE VEHICLE HISTORY REPORT
A FREE vehicle history report detailing your vehicles maintenance records, ownership history, and accident history
FREE SAMPLE DEMAND LETTER
A FREE sample demand letter to submit with your appraisal to the at fault parties insurance company.
ONGOING TECHNICAL SUPPORT
Ongoing technical support during the entire claims process
EXPERT WITNESS TESTIMONY
Expert witness testimony when necessary
What's included in your appraisal report?
Today’s Auto Marketplace
Modern auto consumer’s are more informed and have access to market data unlike any generation’s prior. Today you can walk into any new car dealership and already know what the dealer paid for the vehicles themselves. Very different from the old days when you had to take the dealers word that you were getting the absolute best price for the vehicle. Now we can literally shop for cars from the couch in our pajamas, every major dealer has a website, plus AuoTrader, EBay, Craigslist, and hundreds upon hundreds of online vehicle classified websites. Then take into consideration two major companies like Car Fax and Auto Check. If you understand the way the buyer thinks, and realize the endless choices and options they have, you can better understand the significance that Inherent Diminished Value has on a vehicle.
Would you purchase a car with a history of damage?.... Neither would the majority of potential car buyers. Why should you suffer the loss when it wasn’t your fault? You shouldn’t!
A vehicle with a prior history of damage will always sell for less money than a vehicle with no prior history of damage. You are entitled to recover that loss in value from at fault party’s insurance company.