Diminished Value Appraisal After an Accident

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It doesn’t matter whether your new car is a day old or several years gone, your car’s market value will crash drastically after an accident. In other words, the car will be worth less which is the case in the real sense. Car owners can file for a claim for this loss in value. In addition to fixing your car, your insurance company will also compensate you for the diminished value. The best way to know the real cost of the damage is to hire an expert to conduct diminished value appraisal New Orleans LA

When you approach your insurance company for diminished value, they may state a small figure. If you know nothing about diminished value, then you might be cajoled into accepting such offers. Once you accept the offer, your insurance company will be quick to send you a check. What most car owners don’t know is that insurance companies are actually ripping them off. This is why you must consult professionals who specialize in diminished value appraisal New Orleans LA. 

How to Know if You’re Qualified for Diminished Value Claim

Keep in mind that not every car accident will result in a diminished value claim. Here are some of the conditions that must be met to qualify

  • Your car’s market value is at least $5,000 before the accident
  • The damage repair cost is valued at $1,500 or more
  • Any car above 8 years before the accident is not entitled to a claim for diminished value
  • Your car was not totaled in the accident

If you meet all these requirements, then you need to show proof to support your claim. Otherwise, you may be compensated poorly. But with a proper diminished value appraisal New Orleans LA, you can file a claim for higher compensation on diminished value. To be able to get the insurance company to the table, you need an appraisal report from a reputable appraiser. 

Types of Diminished Value Reports

Diminished value report is categorized into two namely: true appraisal and desk assessment

True Appraisal

In this case, the appraiser will conduct a thorough inspection of the car. He or she will have to physically examine the repairs done to ascertain if it’s actually worth it. Of course, you’ll have to pay more for a true diminished value appraisal New Orleans LA. 

Desk Assessment

Desk assessment, on the other hand, is less expensive. In this case, the appraiser examines the evidence provided by the car owner. This includes car documents which include car information such as make, model, and mileage. Also, the car owner will have to prove the current repair estimate. Since the appraiser did not physically inspect the car, the final appraisal report is therefore based on assumptions. 

Remember to deal with a reputable company that specializes in diminished value appraisal New Orleans LA. Only then can you be sure of getting your full compensation. With the help of a licensed appraiser, your insurance company will settle your claim for diminished value.