Many new car dealerships are now offering "Certified Used Vehicles." All have different processes for classification. However, all certification manuals we have reviewed have revealed extensive attention to discovering the smallest history of damage, negating the ability to designate it as a "Certified Used Vehicle." This dramatically changes the trade-in value for your repaired car, truck or SUV. Many times if a vehicle cannot be resold as a "Certified Used Vehicle," the vehicle will be sold at a significant discount. This is where a professional appraisal helps you to recover diminished value.
Your insurance company will pay to repair your vehicle, but after a collision, it's less marketable than before the wreck. When you sell the vehicle, you will be forced to absorb a loss, unless you make a diminished value claim.
For example, if your $30,000 vehicle is repaired after a major collision, it may only be worth $20,000. Is that fair to you? No! A diminished value claim allows you to get a settlement for the difference in market value for a pre-and-post crash vehicle.
It is almost impossible for an insurance company to deny a diminished value claim to an insured claimant.
No! Whether you want to sell your repaired vehicle right away, or 10 years after the claim is your business. The drop in value occurs immediately, and you are entitled to be compensated immediately.
Fair market value is the highest monetary price your property will receive once exposed to an open market, allowing time to find a willing buyer, where full disclosure of all uses, purposes and adaptations of current or capable uses of the property are made.
YES! Both you, and your insurance company have a right to an appraisal. It is always wise to hire your own impartial, licensed appraiser to determine the value of your loss. Your insurance company may not protect your best interests with their in-house or computerized appraisals. When you protect yourself with an independent appraisal, your insurance company is obligated to negotiate a loss settlement using both.
Be certain, and exercise your right to a competitive appraisal.