You have the right to an independent, unbiased appraisal to ensure you're getting the fair market value for your loss. We can help!
When your car is wrecked and repaired it's worth less than an identical one that was never wrecked. You may be able to recover the difference!
You have a ton of money in your classic! We provide you with a full condition report and valuation.
WHY You Should Have An Appraisal...
Some insurance companies offer more of a settlement than Actual Cash Value. This is where we come in. Most people don't know it, but there's a clause in the fine print of your auto insurance contract that allows you to "invoke" your right to obtain your very own independent and unbiased vehicle appraisal. Your insurance company will hire their own independent appraiser as well. The two independent appraisers then communicate with each other. Sometimes, they agree right away on the value, sometimes they will work with an "umpire" to resolve differences and come to a conclusion of fair market value.
We provide you with the Actual Cash Value (ACV) of your vehicle just prior to the accident, not an insurance company valuation. Presenting our professional report as real proof of value can go a long way in getting what is rightfully yours.
Diminished value is the loss in market value that occurs when a vehicle is wrecked and repaired. A reasonable consumer will not pay the same price for a wrecked, then repaired vehicle, as they will for a vehicle with no accident history. Even if the repairs were done well, the vehicle will still lose value.
In Missouri, you may be entitled to the diminished value of your vehicle after an accident if:
- The damage occurred in a collision, and
- You were not at fault, and
- The other driver was insured,
- The claim is filed within 5 years of the accident date.
According to the Missouri Department of Insurance,
"Diminished value is the difference in fair market value of the auto immediately before the accident and the auto immediately after the accident causing the damage.
Diminished value may or may not be recoverable under an auto accident claim depending on the relationship between the injured party and the insurance company. If you make a claim under your own policy (e.g. your auto was damaged because you hit a tree), Missouri law does not require insurers to pay for diminished value and there is case law that addresses this issue - Lupo v. Shelter Mutual Insurance Company, 70 S.W.3d 16. In this case, an insured brought action against his own insurance company to recover the diminished value of his adequately repaired car. The insured claimed that his car was worth less than it was before the accident even though the car had been properly and adequately repaired. The court ruled in favor of the insurance company, the insured appealed and the appeals court agreed the insured’s auto policy did not require his insurance company to pay for the diminished value of an adequately repaired car. The law does not prohibit an insurer from offering this type of coverage, so it is always best to read your policy or ask your agent to find out whether your policy will pay you for diminished value claims.
If you make a claim under someone else’s policy (e.g. your auto is damaged because someone else hit you), Missouri courts have included diminished value as recoverable damages - Rook V. John F. Oliver Trucking Company, 566 S.W.2d 200 (Mo. App. 1977). In this case, the court said the amount of damage should be measured from the fair market value immediately before the collision and the fair market value immediately after the collision. However, if repairs have been made to the auto as a result of the accident, the court said that the diminished value should be the difference between the fair market value immediately before the collision and the fair market value after the repairs."
So, if your vehicle was damaged because someone else hit you, the diminished value can be recovered from their insurance company. Before you make a claim with their insurance company, you'll need a credible Diminished Value Appraisal. Give us a call to get yours started today.
When you want a real independent valuation of what a vehicle is worth before you buy it, give us a call. We provide you with a professional and accurate report with proof of value, using comparables, sales data and private sources. Not only do you get a realistic value of the vehicle, you get a detailed report of condition as well as what works and what doesn't.
You have a ton of money in your classic! Our professional appraisal will provide you with an unbiased condition report as well as value.
WE ARE ASCAA CERTIFIED AUTO APPRAISERS!
Auto, vehicle, car and truck appraisals serving St. Louis, St. Charles, Cottleville, St. Peters, Wentzville, O'Fallon, Warrenton, Troy, Moscow Mills, Wright City, Dardenne Prairie, Eolia, Montgomery City, Hawk Point, Hannibal, Winfield, Old Monroe, Elsberry, Clarksville, Lake St. Louis, Harvester, and more.