Your collector vehicle is an investment, and, if it is damaged or in an accident, its value goes down immediately. That translates to a significant decline in your investment. All of the restoration and customization you did just took a hard hit. What are your options when you’re not at fault? You should get a diminished value appraisal to start and then file a diminished value claim.
You might wonder what the point is of getting an appraisal done on a car that’s been damaged. The answer is to figure out what the car’s original value was and what it’s worth now. The damage can cause a big decline in what it’s worth. You will have official documentation of the car’s previous and current values with an appraisal in-hand.
The diminished value of the car is the difference between these values, and you can submit the appraisal to the insurance company of the at-fault party with your diminished value claim. This will help you get back what you lost in your investment and maybe help pay for necessary repairs. It doesn’t complete get you back the value of your car, but it is compensation for what you have lost.
Your diminished value appraisal can also be helpful under other circumstances, too. If you want to buy a car, you can get it appraised to be sure it hasn’t been in a wreck. This is more of a pre-purchase inspection, but you will know if the car was in an accident and what its true value is in either case. You have independent verification of the vehicle’s value, and you don’t have to just accept what the seller wants to sell it for.
If you’re selling your car, you also want to know what its diminished value is if it has been damaged or in a wreck. This is so you don’t try to sell it at a price that is higher than what you could really get for it on the market. The car is more likely to just sit and not sell if you price it too high. Sharing an appraisal of all of the car’s problems also helps increase your transparency as a seller.
Give us a call when you’re ready to do your diminished value appraisal. We will help you by doing a complete inspection to determine the original and current values of your vehicle.