AutoLoss Settlements:

Offered: $26,000Settled: $36,000

Offered: $3,000Settled: $10,000

Offered: $19,000Settled: $29,605

Offered: $5,000Settled: $16,000

Offered: $68,198Settled: $79,000

Frequently Asked Questions

Call Now For Help With Diminished Value

FAQ’s

When is the vehicle considered “totaled?”

These considerations vary from state-to-state, but to give you an idea, here is a basic rundown in AutoLoss’s home state of Oregon:

A vehicle that is declared a Total Loss by an insurer who is obligated to cover the loss. Also, a vehicle that the insurer takes possession of or title to.

A vehicle that has sustained damage that is not covered by an insurer and the estimated cost to repair the vehicle is equal to at least 80% of the retail market value prior to the damage. “Retail market value” is defined as the amount shown in publications used by financial institutions (eg. banks, lenders) in this state.

A vehicle that is stolen, if it is not recovered within 30 days of theft and the loss is not covered by an insurer. In this situation, you must notify DMV within 60 days of the theft.

Do I need an appraisal if I’m donating my vehicle to charity?

Yes. On vehicles worth more than $5,000, the IRS requires a professional appraisal to receive your tax write-off. It is still recommended for vehicles under $5,000 to prevent any unnecessary scrutiny from IRS auditors.

Do I need a special appraisal or special insurance for my collector car?

Yes. Collector car insurance uses an appraisal to determine the fair market value for your collectible-quality vehicle. Most owners of collector cars carry standard insurance, which may result in less than half the compensation in the event of a loss.

If you choose not to carry special insurance, get a professional appraisal of your collectible vehicle on file with your insurance company, and demand a specific endorsement to protect your investment.

Do I need an appraisal to purchase a vehicle?

Sometimes! Banks, credit unions, and individual lenders may require an independent appraisal to establish the true market value of the vehicle you are planning to buy.

What about “Certified Used Vehicles?”

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.

What if I’ve already settled? Can I still file a diminished value claim?

Yes. If the settlement has occurred within four years, we can still help you negotiate a settlement for Diminished Value, depending on the state in which you live.

Do I have to sell my vehicle to make a diminished value claim?

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.

Why should I care about 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.

What is fair market value?

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.

Do I have a right to get my own appraisal on an insurance claim?
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.

Customer Reviews

  • I settled the Diminished Value Claim. I traded my Jeep and got something else. The dealership gave me 23,000.00 for my 2007 Jeep towards a different vehicle, and State Farm gave me 4,000.00 for Diminished Value. Initially, State Farm only offered me $1,500 for Diminished Value. So I was happy... Read More

    Diminished Value - Jeep Claim

  • My car was involved in a terrible accident while parked on the street. Damage was substantial enough that insurance company totaled it and promptly offered a settlement. But I did not feel the settlement amount was adequate; given it was almost a classical Mercedes in an excellent condition. so I... Read More

    Diminished Value - Mercedes Claim

  • Thank you again for your enormous help and expertise. As you know, after my 2007 Volvo was involved in an accident earlier this fall, I was disappointed with the insurance company's "Diminished Value" they had assigned to the vehicle as a result of the accident. The amount of Diminished Value... Read More

    Dick Sullivan - Atlanta, Georgia

  • I just wanted to thank you so much for your help. Talking to you today has eased my mind. I will be referring your company to friends and family. Monica was wonderful as well. It's so nice doing business with such nice people. Read More

    Allison Teague, Atlanta, Georgia

  • My new Maserati was stolen and Amica Insurance Company only offered me $62,000. I called Autoloss and spoke with the owner, Terry Fisher. I was so impressed with Mr. Fisher I signed up on the spot. Within 1 month Autoloss had negotiated a new settlement of over $30,000 more then... Read More

    Kenny Clark - Atlanta, Georgia

  • After my brand new truck was recovered after being stolen, I was sent a $750 check from my insurance company for Diminished Value. At first I was excited... Then I researched Diminished Value and stumbled upon Autoloss. After reading numerous testimonials where people were rewarded thousands in damage, I decided... Read More

    Josh Mallard, NFL Defensive End - Denver, Colorado

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