Get Your Diminished Value! By Mike Thies
Diminished value refers to the loss of a vehicle's value after it has been in an accident, even if it has been repaired to its pre-accident condition. This is because a vehicle that has been in an accident, regardless of the extent of the damage, is considered less desirable to potential buyers, and as a result, is valued less than a similar vehicle that has not been in an accident. This loss of value is known as "diminished value." The amount of diminished value can vary depending on the severity of the accident, the age and condition of the vehicle, and the local market conditions.
To get a diminished value payment, you will need to prove that your vehicle has suffered a loss in value as a result of the accident. This can typically be done by obtaining a professional appraisal of the vehicle's value before and after the accident. The appraiser will take into account the extent of the damage, the cost of repairs, and the local market conditions when determining the vehicle's pre- and post-accident value.
You can then use the appraisal to present your case for diminished value to the at-fault party's insurance company. It's important to note that Georgia is consider a “DV State” in that it the law in Georgia that you are eligible for this insurance compensation. Yet the law does not specify how much the payment is!
If the insurance company denies your claim or if you are unable to reach an agreement with them on the amount of payment, the law allows for you to get an “Umpire” to mediate. The Certified Appraiser can help you with this step. Of course, you can always get an attorney to negotiate with the insurance company and/or take legal action to seek the payment you believe you are entitled to.
Provided by Mike Thies, an I-VAN Certified Appraiser (International Vehicle Appraisers Network) For more Information, call 770-883-0160 - http://www.i-van.org/thies.htm