Welcome to Diminished Value Collision Experts
Now serving the State of Georgia and South Carolina
Hiring an independent appraiser to assess your diminished value can provide several advantages over relying solely on the insurance company. An independent appraiser is not affiliated with the insurance company and can provide an unbiased assessment of the value of your vehicle. Additionally, an independent appraiser have more experience and expertise in assessing diminished value claims, which can lead to a more and fair assessment of your vehicle's value.
Methodology
When a car is involved in an accident and requires repairs, it can lead to a decrease in the car's value. This can happen because a repaired vehicle may not have the same level of reliability or safety as an identical vehicle that has not been in an accident. Additionally, even if a car is repaired to factory specifications, it can still be difficult to sell to potential buyers who may be wary of its accident history. The degree of diminished value will vary depending on factors such as the age and condition of the car before the accident, the extent of the damage, and the quality of the repair work performed.
All accidents are not created equal, and the extent of the diminished value from a car repair will depend on various factors, such as the severity of the accident, the type of damage sustained by the car, and the quality of the repair work. For instance, a minor fender-bender that caused minimal damage and was expertly repaired may not lead to much of a loss in value, while a major collision that required extensive repairs and possibly replacement of major components may result in a much greater loss in value.
News & Resources
It is universally accepted that in every state Diminished Value is owed to the claimant by the at fault party. In Georgia, the insurance companies owe Diminished Value to their policyholders as well which is great news for consumers
Filing a diminished value claim can be a difficult process. However, if your vehicle is worth significantly less after an accident, even after it has been restored to original condition, then filing a claim for the car’s diminished value might compensate for the significant financial loss in value.
Industry Breakthrough did you know!
The Supreme Court of Georgia, in “State Farm Mutual Automobile Insurance Company v. Mabry et al., 274 Ga. 498 (2001),” ruled that insurers owed their insured for Diminished Value of their vehicle following an accident. In response, insurance companies in Georgia have attempted to utilize a Diminished Value formula referred to as “Rule 17c.” Rule 17c is actually a fall back method of measuring Diminished Value in the absence of any other documentation determining Diminished Value. A Diminished Value Appraisal from DVCE is a documented measure of Diminished Value that prevails over the Rule 17c method. We at DVCE feel that Rule 17c is unfair to consumers. Typically, “Rule 17c” pays pennies to the dollar of what is really owed to consumers for Diminished Value. DVCE works hard to educate consumers so they can get a fair Diminished Value Settlement.
The other party was the at-fault driver in the car accident
If the other driver is responsible for the car accident, you may file a DV claim against the at-fault driver's insurance company. The damages would be covered by the liability portion of the at-fault driver's insurance policy.
If you decide to sue the at-fault driver for the car's diminished value, consult your state's tort laws. The law may require an at-fault driver's insurer to cover your repair costs and the difference between your vehicle's resale value before and after the accident. In Wisconsin, for example, the Supreme Court ruled in one case that the claimant must be made whole. Because the repairs did not return the vehicle to its pre-accident value, the claimant recovered the diminished value as damages owed.
Right after a vehicle has experienced an accident, it may lose value even before the owner has the chance to make repairs. Immediate diminished value can be calculated as the difference in resale value of a vehicle before the damage occurred and the resale value before repairs have been made after damage has occurred.
Conditions for a diminished value claim
There are 3 circumstances when you can claim diminished value:
You are not liable (at fault) for the accident.
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You own or finance the damaged vehicle.
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The vehicle was repaired (not totaled).
Can I File A Diminished Value Claim On My Classic Car?Classic cars are often old, but owners of these collectibles often pour lots of money and time into keeping their vehicles in good condition. If you’re involved in an accident with your classic car, you might wonder if you can file a diminished value claim. The answer is yes, but it will be a much more involved process.
If you want to file a diminished value claim for a classic car, you’ll likely need to get an approved appraisal to evaluate the value of your car before the accident and how the damage impacted that value.
First-party vs. third-party diminished value claims
First-party claim: When the insurance company doesn’t completely cover the difference between the car’s pre-collision value and the post-repair value, the claim for diminished value is filed against the insurance company. The deciding factor is whether the insurance policy covers diminished value. Before you purchase an insurance policy, this is a good question to ask.
Third-party claim: This is the type of claim involved in a repair-related loss. The claim would still be made to the insurance company for this type of diminished value.
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