Diminished Value Explained

Even if your car is fixed perfectly, a car with an accident history may be worth less. This is called “diminished value.” It happens because buyers are willing to pay less for a car with a repair history. We can help you recover this lost value, on top of your repair costs, if someone else was at fault.

Vehicle Value Before the Accident

Let’s say your beloved 1969 Pontiac Firebird is totaled in an accident. The insurance company offers $18,000, but you know it’s worth much more due to its classic nature.

A prior-to-loss appraisal establishes your car’s value before the accident. This can be crucial for:

Negotiating a Higher Settlement: With documented proof of your car’s pre-accident value, you can negotiate a higher payout from your insurance company.

Repair vs Total Loss: If the prior-to-loss value makes repairs financially viable, the insurance company might choose to fix the car instead of totaling it.

Getting the Right Payout for a Total Loss

Think your insurance company undervalued your totaled car? If your insurance company calls your car a total loss but you disagree with their offered value, you have options! Many policies include an “appraisal clause.” This lets you hire an independent appraiser to determine your car’s true worth. Your insurance company can then appoint their own appraiser. Both appraisers will work together to reach a fair settlement amount for your vehicle.

Beyond Accidents: Protecting Yourself from Fraud

Appraisals aren’t just for accidents. Fraudulent misrepresentation of vehicles during sales transactions is an issue. Utilizing an appraisal can aid in documenting and strengthening your argument against a third party who misrepresented a vehicle during a sales transaction with you. Many high value collector cars are falsely labeled as “original” or “numbers matching” leading to costly misrepresentation. Should you find yourself in such a situation, our team is readily available to provide assistance and support.

Did Your Restoration Project Fall Short?

Paid a premium for a high end restoration that wasn’t up to par? An appraisal can document the issues and help you hold the shop accountable. Our detailed report will visually document any flaws, substandard work, and areas where the restoration fell short of the agreed upon standards.