The term “diminished value” is most often applied to the reduction in value of a car or truck after collision damages have been repaired. Regardless of how well the repairs were done, used car buyers would rather purchase an automobile with no accident history, thereby making the previously repaired vehicle worth less than its counterpart. Diminished Value is the difference in the value of your car directly before and directly after collision repairs have been completed.
The owner of a motor vehicle that was damaged as a result of someone else’s negligence can file a diminished value claim against that person’s insurance company. This is known as a Third-Party claim. A Third-Party claim is one in which you seek compensation from the insurance company of the person responsible for the loss.
The St. Lucie Appraisal Company’s methodology for determining diminished value is unique within the industry. After making our determination of a car’s loss in value, we confirm our opinion by consulting with the sales managers at six local dealerships. We average their unbiased opinions to establish the vehicle’s diminished value. These professionals have the most intimate knowledge of the buying, selling, trading and auctioning of cars. This proof establishes probative evidence into the existence and approximate amount of diminished value. We are licensed as automobile appraisers by The State of North Carolina.
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