Essentials of an Effective Diminished Value Report
If you are seeking a diminished value claim on a vehicle, when filing the claim with the insurance company, one essential element is the diminished value report. Not all reports are created equal. It's important that it lays out all the important details, stating your case in the most effective manner possible. Here are some of the most crucial details to include:
Identifying Features of the Vehicle
This is fairly rudimentary stuff, but it's important to have a detailed layout of all the identifying features of the vehicle in the report, from the make and model, all the way to the smallest of upgrades.
Your diminished value report should include a thorough assessment of the vehicle's damage. This starts with a detailed report of the condition the vehicle was in prior to the accident, which helps establish the pre-loss fair market value.
There is no one-size-fits-all approach, since every vehicle depreciates differently, depending on various factors, such as market demand, brand, and manufacturing quality.
When you are making a case for what your vehicle is worth, a comprehensive list of local comparables is essential. The diminished value report should include four or more dealer-advertised prices on vehicles that closely resemble yours, including the year, make, model, body style, engine configuration, and other optional features. Dealer examples are preferable to private party, since laypeople will have a higher probability of placing an unrealistic price on their vehicle than the professionals at a well-established and reputable dealership.
The DV Expert's License Numbers
Just as with any professional service, you want verification that you are dealing with someone who is licensed and accredited in their field. When you have your vehicle professionally appraised, your diminished value expert should always include their appraiser license number in the report to establish the validity of the expert opinions and research expressed in the report.
One of the more powerful aspects of our diminished value reports is the testimony from car dealerships that sell the same types of vehicles. Having a list of professionals giving their unvarnished opinions about how the damage affects the resale value, and in many cases how they might not even bring the vehicle on their lot, is a powerful element to your argument.
Does your vehicle appraisal company work for you or do they work for the insurance company? Autoloss is the only national appraisal company that works just for consumers. If you have a diminished value claim and want an expert report prepared on your behalf, contact us today.