Diminished Value Issues

In addition to standard value auto appraisals on all types of vehicles, a large number of our auto appraisals involve vehicles that have been damaged. In many instances these vehicles become involved in value disputes. Our expertise lies in establishing fair market value of automobiles before they are damaged and/or after they are repaired.

In most states when an automobile is damaged through the negligence of another, the owner of the damaged vehicle is entitled to recover the reasonable cost of restoring his property to its condition immediately before it was damaged. In addition he is entitled to recover for the loss of the use of the property for a reasonable period of time while it is repaired. Also, in cases where the damaged property has been repaired but nevertheless the value has decreased, the owner may recover the difference between the value of the property before the damage and after the repairs.

This difference can represent a substantial diminution in value. Many owners find out that their car has suffered diminished value when they try to sell or trade it. Usually it is too late by then to try to recover the lost value. There are several factors used to determine the amount of loss. These include condition prior to damage, extent and cost of repairs, and quality of repairs done. Diminution of value issues are especially important in states that require disclosure of past damage, as this most always affects sale or trade values downward.

BEFORE ANY DAMAGE CLAIM IS SETTLED THIS ADDITIONAL ELEMENT OF RECOVERY SHOULD BE PURSUED.