Diminished Value Case Study

Diminished Value Case Study

“Without your help, I wouldn’t have known how to make sure my car was fixed right, or how to recover the $4,318.84 in diminished value.” – ADE Client Accidents happen. And when they do, it’s nice to know that you have someone in your corner, looking out for your best interests. Today, we share with you a real-life story (one of many) and how Auto Damage Experts was able to help a newly retired schoolteacher recover more than $4,300. Case Study: 2017 Lexus NX 200t After serving her community as a school teacher for more than 30 years, Susie (name changed to protect her identity) decided to reward herself with a retirement gift of a brand new 2017 Lexus SUV. Just one month later, while she was dining at a local restaurant, another patron backed into her new vehicle causing approximately $4,500 in damages. The at-fault party initially claimed responsibility, but later tried to recant his testimony of responsibility. A friend referred Susie to ADE, and we were able to help her get her vehicle repaired by the local Lexus specialist. We consulted her on everything from how to get a rental car to how she should engage the insurance company and the body shop. Upon performing a post-repair inspection, we recommended a few minor adjustments, and the body shop took care of those without issue. From there, we performed a DV assessment on her new vehicle, and found that the car had suffered $4,318.84 in diminished value. Susie sent the at-fault insurance company our DV assessment, and their response was to send her an offer of $900.00 to...
Diminished Value 101

Diminished Value 101

You might be owed money! If someone else damages your vehicle in a collision, you are most likely entitled to file a diminished value (DV) claim. Even after your car has been repaired (and for the sake of this article, we’ll assume that the repair was performed correctly by skilled experts*), you may be owed thousands of dollars. Before we get into the HOW of filing a diminished value claim, let’s define what the term actually means. Diminished Value is the loss in market value of a property (in this case, your vehicle) due to it having a history of damage. Not to be confused with depreciation (expected wear and tear related loss in value), DV is the result of a sudden and unexpected loss in economic value. In plain English, diminished value is the difference in the amount your car was worth BEFORE it was damaged, and what it would sell for AFTER it was damaged (even if it was repaired properly). Not everyone is eligible to recover a DV claim. In the event that you are the “at-fault” party in the collision, you will not be eligible to claim the diminished value of your vehicle. However, if your damages are the result of another’s negligence, you may be able to collect the remaining loss from the at-fault party or their insurance carrier, if applicable. In order to establish the actual value of a diminished value claim, it is best to contract an independent appraiser who is skilled in the area of post-repair inspections. They are best able to assess the quality of repair, and they know how...
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