When your vehicle has been in an accident, its market value decreases, even after repairs. This loss, known as diminished value, can significantly affect your finances, especially if you plan to sell or trade in the vehicle. Auto Value Professionals is here to help South Florida drivers understand diminished value and recover what they deserve.
After a minor accident, my car’s value went down. I wasn’t even sure if I had diminished value or not. Auto Value Profs helped me recover lost value of $6,250 with a successful diminished value claim!! They were professional, efficient, and made the process very easy.
When Your Car Has Been in An Accident
Diminished value refers to the reduction in a vehicle’s market value after it has been in an accident, regardless of how well it was repaired. Even when repairs restore the car to its original condition, the mere fact that it has an accident history makes it less desirable to potential buyers.
- A study by the Insurance Research Council revealed that 55% of consumers would not purchase a car that had been in an accident.
- Additionally, 81% of buyers require a significant discount before considering a vehicle with an accident history.
This widespread hesitation to buy vehicles with accident histories highlights the importance of understanding and addressing diminished value.
How Diminished Value Works
Imagine you own a one-year-old car worth $35,000. After being involved in an accident, the repair costs amount to $4,000, and your insurance covers the repairs. However, your car’s value will no longer be $35,000. Due to its accident history, buyers may only be willing to pay $25,000. In this case, the diminished value is $10,000.
Diminished Value Calculation
- Pre-Accident Value: $35,000
- Post-Accident Sale Price: $25,000
- Diminished Value: $10,000
Even if repairs are recent and well-executed, the stigma of an accident history remains. Many vehicles with accident records cannot qualify as “certified pre-owned” vehicles, further impacting their value–by as much as 30% in some cases.
Filing a Diminished Value Claim
You may still file a diminished value claim, even if you have already settled with your insurance company for repair costs. Diminished value claims address the financial loss caused by the accident, independent of repair expenses. The responsible party’s insurance company typically covers diminished value claims.
- If you were at fault: Your insurance company will handle the claim.
- If the other driver was at fault: Their insurance company is responsible for compensating you.
Why Most Drivers Overlook Diminished Value
Many drivers in South Florida and beyond are unaware that diminished value claims exist. The insurance industry does little to educate consumers about their rights in this area, which often results in financial losses for vehicle owners. At Auto Value Professionals, we’re committed to ensuring our clients understand their rights and recover the compensation they’re entitled to.
How Auto Value Professionals Can Help
At Auto Value Professionals, we specialize in calculating diminished value and assisting clients with claims. Our process includes
- Accurate valuation of your vehicle’s pre-accident and post-accident market value
- Comprehensive documentation and reporting to support your claim
- Guidance through the insurance claim process to maximize compensation
Serving Miami and South Florida
We proudly serve Miami, Fort Lauderdale, West Palm Beach, and the surrounding South Florida area. With local expertise and a deep understanding of the vehicle market, we’re here to ensure your vehicle’s true worth is recognized.
Get the Compensation
You Deserve
Auto Value Professionals is your premier destination for expert vehicle appraisals and support in South Florida. We are committed to serving the diverse needs of car owners, businesses, and legal professionals across the region. Whether you need help with diminished value claims or classic car appraisals, our team offers unparalleled expertise and personalized service.
For years, we have been a trusted resource for vehicle owners looking to protect their investments and navigate complex insurance and legal processes. Our dedication to quality and customer satisfaction has earned us a strong reputation throughout Florida.
Contact Auto Value Professionals Today
If you’ve been in an accident, don’t settle for less. Contact Auto Value Professionals to learn more about diminished value and how we can help you recover your losses. Schedule a consultation today to take the first step in protecting your investment.