The Insurance Company Fixed My Car, But Who Pays for My Lost Re-Sale Value?
 
So you’re involved in an auto-accident. Your vehicle is wrecked. You are injured. Perhaps you never contacted an attorney and just handled things through your and the other guy’s insurance company. The insurance company pays for your medical bills. They pay to repair your car. Maybe they even give you a little money for your pain and suffering. But you have to be wondering: “What about the damage to the value of my vehicle? It’s not worth what it used to be, it’s been in a big wreck. What will my Carfax say? How will I ever sell this thing?” If you’re asking yourself these questions, then you’re on the right track. Compensation for the reduced total value of your vehicle after collision repairs is known as  a diminution of value or diminished value claim. In simple English, that just means a claim which pays you for the reduced value of your car. Imagine two identical cars. They are the same color, make, model, interior and they have the exact same amount of mileage. They were both owned by little old ladies who only drove them to church on Sunday. The only difference between these two cars is that one was recently involved in an accident and had $5,000 worth of repairs and the other did not. Which one do you think is worth more? Obviously the car with no history of body repair. That is diminished value.
But who pays for that? The answer is the other guy’s insurance company. In many states, insurance companies draw a clever distinction between what are called first party and third party insurance claims when it comes to diminished value. A first party claim is when you make a claim against your insurance and you are at fault for the damage (think of when your 16 year old backs into a pole). A third party claim is when you file a claim with the other guy’s insurance company and they are at fault. Not all states will pay for diminished value on first party claims. But every state authorizes payment for diminished value on third party claims. In other words, if you’re in a wreck and it is someone else’s fault, their insurer needs to pay you for the reduced resale value of your vehicle.
But how do you figure out how much less your car is worth as a result of the crash? You need the advice of independent professionals (not the other guy’s adjustor) or an attorney who handles auto accident cases regularly. The attorneys aren’t always experts, but they usually know people who are and have a pretty good sense of the value of a case based on their experience helping victims of auto negligence.  That is precisely the expertise Appraisal Dynamics offers in Colorado and the surrounding front range.

At Appraisal Dynamics, we have over 29 years of experience in resolving diminished value claims and have worked for claimants, attorneys, insurance companies and as expert witnesses in court appearances.  We are familiar with the process from all aspects and will help you resolve your claim quickly and accurately and honestly.

Be cautious! As in any profession, there are the best of the best, the worst and of course everything in between. It is vital to secure the services of true experts to assist you. When seeking a Diminished Value expert to assist you in such matters it would be wise to remember the adage: "Cheaper is Rarely Better and Better is Rarely Cheaper".  An appraisal that is inordinately high will only result in denial by the insurer and resultant court time.  An appraisal that undercuts your actual loss in value only cheats the injured party.  You need an experienced firm that can accurately determine pre and post accident values and that is Appraisal Dynamics

Whether an individual consumer, or a seasoned professional, one would be wise to seek and secure the services of the professionals whose work product has and continues to withstand scrutiny. We at Appraisal Dynamics are ready to serve you!

Most importantly, don’t let the insurance companies mislead you about diminished value claims. Take some advice from the good folks at Appraisal Dynamics and don't believe the insurance company when they say:
"We don't pay for diminished value"(Every insurance company pays diminished value claims)
 
"Diminished value isn't recognized in this state"(Diminished value is recognized in third-party settings in every state)
 
"The repairs restored the vehicle to pre-loss condition, so there is no diminished value"(It is the accident history that causes diminished value)
 
"There is no diminished value because the frame wasn't damaged"(It doesn't matter if the frame/unibody was damaged -$5,000 worth of damage is $5,000 worth of damage)
 
Also, remember that it isn’t always the other driver who causes diminished value. Your car’s value can also be damaged by:1.) Faulty repairs. If this happened to you, contact an attorney as soon as possible.2.) Insurance related loss. This is where the insurance company refuses (wrongly) to authorize necessary repairs and as a result your car is damaged or unrepaired. If this happens to you, contact an attorney.
 
No matter what happened to you or what the insurance companies try to tell you, remember that no insurance company is your friend. You are not "in good hands" and they are not your "family" and they are most certainly not "on your side". If you have any questions, or ever need advice related to an accident, contact an attorney who handles cases like this.


Note: In most instances, the costs of Diminished Value appraisal services may be recoverable as part of your claim.
For more information and useful links, go to the FAQ's page.  We have links for possible IRS tax deductibility, vehicle valuation sources and state insurance laws.

Whether an individual consumer, or a seasoned professional, one would be wise to seek and secure the services of the professionals whose work product has and continues to withstand scrutiny. We at Appraisal Dynamics are ready to serve you!
 
Contact us for a  FREE initial evaluation as to the feasibility of a claim.  Go to the bottom of the Free Evaluation page and supply the needed information.  We will let you know if it makes sense to further pursue a claim and what our cost for appraisal documentation would be.
What is Diminished Value?
Appraisal Dynamics | 3820 Wesley Ct | Colorado Springs, CO 80917 
Phone: (719) 591-1025 | bobscc@aol.com

Go to the Free Eval page for a no cost initial evaluation to see if you may have a claim.  We serve Colorado and the front range, including Utah.  Refer to our FAQs page to see why a local company with 32 years and tens of thousands of successfully submitted reports is in your best interest.  The FAQs page also has useful links you can use to determine your car's value and accident history, state insurance laws and even the IRS loss form instructions.  If you do nothing else, use our information to insure you are well informed.  This will help to insure you get the best possible support for your loss.

In most instances, the costs of Diminished Value appraisal services may be recoverable as part of your claim.
Serving Colorado and the Rocky Mountain front range