Diminished Value on Luxury and Exotic Vehicles
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?
You’ll get stories from both sides of the fence on this subject, and even professionals disagree.
The thing that is constant is that courts consistently agree that diminished value is an element of damages. The question is whether you are filing against your own insurance company or whether you are filing against the policy of a person or business that caused your damages.
Specifically on high end or luxury vehicles, even a scratch can make the value of the vehicle depreciate substantially. It’s a well-known market trend in the luxury vehicle market that purchasers are looking for a blemish-free vehicle with a blemish-free history.
Whether or not your insurance owes you is a complicated question that will require an expert in both insurance contracts and diminished value (like us), but if someone caused your damages and you are filing on their insurance, then it’s just a matter of how much diminished value your vehicle suffered. Every State’s tort systems allows for the recovery of diminished value and some states allow for recovery against your own carrier.
If you have a luxury vehicle, you should thoroughly research diminished value. Even minor damages that have to be repaired can result in a significant difference in the before-accident value and the after-accident value.
In most cases, there is not even a need to inspect a repaired vehicle as it is just inherent that the vehicle will suffer some loss in marketability and value.
All that is needed for us to review your claim and put a close range on the diminished value is a repair estimate. We are qualified professional appraisers that will honestly help you figure out if you have a claim worth pursuing BEFORE we charge you a dime. Sometimes, it’s just in the Petty Details.
Find out for yourself straight from our experts!
Fill out the form below for a FREE diminished value claim consultation and find out how to fight for YOUR value TODAY!
You will also get a FREE sample demand letter and FREE DV Guide to help you get that demand going. Don’t delay – talk to our experts today!