Diminished Value on Luxury Cars

diminished value luxury vehicle

Do you own a high end vehicle like a Lamborghini, Mercedes, Cadillac, Infiniti, Bentley, Rolls Royse, Porsche, Maserati, BMW, Audi, Saab, Lexus or any other vehicle that is considered a luxury or exotic vehicle?

If so, you should certainly be thinking about diminished value if you were involved in a collision! You might not know the technical term for it but you know you’re gonna be put through the ringer when you go to trade that baby in and those are the FACTS!

No matter if you backed into a tree or if some negligent driver crashed into you, it is highly likely that your vehicle has lost value because of the simple fact that it was in an accident. Even if you took the vehicle to the best repair facility around, it doesn’t change the fact that your car was once wrecked.

Diminished value is a concept that has been around for nearly 90 years.

There is law relating to it in Georgia dating back to 1926!

So, if you’ve been in an accident in your luxury vehicle, what the heck can you do about it?

Find out for yourself straight from our experts! 

Click Here To Read More!

Diminished Value Claims – Income Tax Benefits

can you file diminished value on income taxes

Let me make this really clear up front: We are not tax professionals!

We do not give tax advice. We are simply pointing you to information to aid in your research when filing your taxes after taking a loss in value after an auto accident.

Did you know that casualty losses are deductible from your income taxes?

In Topic 515 on the IRS’s website, it discusses the types of losses that can be claimed on your income tax.

Diminished value is specifically listed!

Is Kelley Blue Book A Reliable Method for Researching Diminished Value?

Recently, I had a case where an adjuster was negotiating an inherent lost market value claim based on values and condition descriptions found in Kelley Blue Book.

The amount of inherent lost value, or diminished value or DV as it is common to call it, that the adjuster was willing to pay was about $4000 less than what my research and opinion came out to.

Obviously, I argued that KBB was not accurate.

Naturally, the adjuster requested a synopsis on why I believed that using Kelley Blue Book was not a reliable method for researching diminished value.

I happily obliged the adjuster.

Click here to read more about why using Kelley Blue Book (or any other online valuation guide) to calculate diminished value is a severely lacking and inaccurate method.

Arguments Against Diminished Value VERSUS The Truth

Diminished Value arguments

Back in May, I saw a sad story about a filmmaker in South Africa that was killed by the head butt of a giraffe out in the bush while filming for a movie.

In my mind, I related that to how the giant insurance companies just throw around invalid denials to diminished value claims to shut down the claimant from figuring out how in the heck to fight, therefore making them give up.

Until they find us.

A while ago, I was provided with a pretty big list of arguments that attempted to show why diminished market value on automobiles is not real, or at least why it is never very much.

I am going to address each one, point by point so as to be very thorough.

Mind you, these arguments were made by a professional who evaluates the market of stigma losses on automobiles.

CLICK HERE TO FIND OUT HOW TO FIGHT WITH EXPERT ARGUMENTS!

Actual Cash Value or Fair Market Value?

actual cash value or fair market value

Actual Cash Value and Fair Market Value

I’ll bet that no one has explained to you what I am about to explain . . .First of all, the terms Actual Cash Value (ACV) and/or Fair Market Value (FMV) are sorely lacking and ambiguous when it comes to actually helping to define the value of a private passenger automobile.  In fact, the formal definition in almost every source one can find leaves out the MAIN ASPECT that would make the definition useful.  The terms ACV and FMV are so ambiguous that they are totally meaningless when it comes to figuring out the value of your vehicle.

Don’t believe me, let’s break it down.  Start with familiarizing yourself with the “formal” definitions.

CLICK HERE TO FIND OUT THE DIFFERENCE

 

Auto Accident – Do You Need an Attorney?

do I need an attorney

Do you need an attorney for your auto accident?

Answer the question for yourself!

Let me start by saying that some people never need an attorney, and others will always need an attorney.

Additionally, this article is based on my 15 years of claims adjusting experience. I have developed a simple little formula that will help you decide if you need an attorney or not. Keep in mind, this quiz is tailored for auto accidents only, and I make no warranties or guarantees that your result is a foolproof answer.

Ultimately, the only person that can decide if you need an attorney is you.

With that being said, simply answer the following 15 questions and then add up your answers. All of these questions are yes or no questions. Whatever answer you have the most of is your answer to the title of this article.

TAKE JUSTIN’S QUIZ NOW!

Where Can I Get A Diminished Value Appraisal? 7 Tips

diminished value appraisalWhere can I get a diminished value appraisal?

If you are doing research on how to get paid for your vehicle’s diminished value, then you know that the advice on the street is to get a diminished value appraisal from a qualified expert.  Are you feeling lost or overwhelmed in the process?  You aren’t alone!

So how do you pick a qualified expert?

CLICK HERE TO READ EXPERT TIPS!

WHAT’S THE MADE WHOLE DOCTRINE & WHY SHOULD YOU CARE ANYWAY?

made whole doctrine

Made Whole Doctrine: Are you being preyed upon?

Insurance companies count on vehicle owners not knowing about the law, specifically the made whole doctrine.  They use the lack of knowledge by the layman to prey on accident victims for profit.  Right now, many of the accident victims that are reading this article are being further victimized by their own insurance company, and many times the adjusters that are doing the victimizing have been indoctrinated to believe they are doing the right thing and that they are within the law.

Let me be very clear here: Insurance companies routinely steal money from their own customers through improper and illegal subrogation activities.

ARE YOU AFFECTED? CLICK HERE TO READ MORE!

INVALID DIMINISHED VALUE CLAIM DENIAL – 8 Unfair Examples

invalid diminished value claim denial
If you’ve had the displeasure of being in an accident where your vehicle was repairable, you’ve probably experienced a loss in the resale value of your vehicle, no matter how well it was repaired.

Additionally, in the vast majority of cases the insurance company that is responsible for settling the claim with you gives you an unfair and invalid diminished value claim denial.  In my view, the denial of these valid claims is an act of fraud.

If it is fraud, then why doesn’t the insurance company get in trouble for it?

The primary reason is that there are very few attorneys and even fewer accident victims that really understand the denials.  Because of that, it is difficult for the accident victim to defeat the illogical and unlawful reasons that insurance companies use to deny diminished value claims.  I thought long and hard about what I could do to help accident victims get fair compensation for lost value, and outside of preparing an appraisal for them and directing them to an attorney that will take their case, the best I can do is to educate.  So that is exactly what I will do right now!

I’ve already published one article that gives some responses to common denials, but in this post, I am going to pull out the stops and address every denial reason I can find, and provide all the proper reasons why the denials are invalid, improper, and in most cases, fraudulent.

READ ABOUT THE DENIALS YOU MIGHT RUN INTO

Body Shop Steering: Preferred Vendor and DRP Facility scams exposed by Anderson Cooper!

body shop steering

So what is body shop steering?

Does it really happen?  How do you know if you’re being steered?  Anderson Cooper at CNN just did a story on lawsuits that are being filed against huge insurance companies like State Farm who continually dictate what is repaired on vehicles after an auto accident and this video is worth watching until the end!

FIND OUT IF YOU ARE BEING STEERED

Drop us a line!