Trust DVAC to
Recover the True Value of Your Vehicle.
Trust DVAC to
Recover the True Value of Your Vehicle.
Statute of Limitations to File:
File First Party Claim:
File Third Party Claim:
Diminished Value Through Uninsured Motorist Coverage:
Small Claims Max Filling:
OUR PROVEN PROCESS
Start the process with a FREE consultation when you call us at (877) 879-0101 or fill out our Appraisal Form and we will contact you within minutes!
We analyze data to determine your vehicle’s true diminished value and deliver a quick, accurate appraisal that insurance companies can’t ignore.
We don’t stop at a report. We advise and support you through negotiations every step of the way until you receive your rightful compensation.
Experiencing a vehicle accident is a distressing event that can leave lasting effects. It’s crucial to handle the aftermath with composure and a clear plan of action to safeguard yourself and others involved. Whether it’s a minor bump or a major collision, understanding the steps to take can significantly impact your recovery process. In addition […]
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Diminished value of your vehicle is recoverable in third-party cases only. You can only recover from third-party at fault insurance companies and you cannot make a claim under your own uninsured motorist insurance. All drivers must carry minimum liability insurance, and the statute of limitations is 3 years from the time of the accident. OGC Opinion No. 06-11-22.
In Franklin Corp v. Prahler the court states, “…there can be no doubt that, under a general theory of damages, a plaintiff is entitled to be made whole.“
It is well settled that the purpose of awarding damages in a tort action is to make the plaintiff whole (see generally Campagnola v Mulholland, Minion & Roe, 76 NY2d 38, 42). Franklin Corp. v. Prahler, SUPREME COURT OF THE STATE OF NEW YORK, Appellate Division, Fourth Judicial Department (decided 11/10/2011)
Where a vehicle, like any other piece of personal property, has increased in value and is subsequently damaged by the negligence of the defendant, the plaintiff should be entitled to recover the cost of that diminution in value. Otherwise, the plaintiff will not be made whole.
In our view, PJI 2:311 was intended to cover the situation in Gass (264 NY at 143-144), where personal property has depreciated from its original market value and is then damaged by the negligence of the defendant. The plaintiff in such a case will be entitled to recover the costs of repairs or the diminution in value, whichever is less.
Rosenfield v. Choberka, 140 Misc. 2d 9, 14 (N.Y. Sup. Ct. 1988) (“It has long been recognized in this regard that the purpose for an award of damages is “to make the owner whole in each case” (Ward v New York Cent. R.R. Co., 47 N.Y. 29, 33); and among the “well-settled” rules relating to damages recoverable in tort actions is that “[t]he person responsible for the injury must respond for all damages resulting directly from and as a natural consequence of the wrongful act according to common experience and in the usual course of events” (Steitz v Gifford, 280 N.Y. 15, 20). Application of those basic principles to the facts before us permits only of the conclusion that where, as here, the repair of the plaintiff’s car does not make her whole, she is entitled to an award that will do so. In this instance that entitlement is to the reasonable cost for repairing the physical damage to the plaintiff’s automobile, together with the difference in its market value before the accident and after it is repaired. To hold otherwise would permit a tort-feasor to carelessly damage a new, or reasonably new car, and escape the full consequence of his act by tender of the cost of repair alone, even though measured by modern market conditions, the owner suffered a loss in value exceeding the repair cost.”)
Even after repairs, your car may lose resale value due to its accident history—known as diminished value. Many buyers avoid damaged vehicles or expect a discount, but you have the right to file a diminished value claim. Some insurance companies won’t inform you of your right to an independent appraisal and often minimize payouts. With accurate data and a strong claim, DVAC ensures you get the compensation you deserve.
You should pursue a diminished value claim once your vehicle is fully repaired to pre-accident condition. Experts calculate diminished value based on the nature of the damage to your vehicle and overall evidence of repairs. A thorough review of the final bill from the bodyshop, a visual inspection of the vehicle after repairs, and a review of the Carfax are a few important factors in determining diminished value.
Recovering diminished value from the at-fault insurance company can take as little as a few days. However, some claims may take weeks—and in rare cases, months. The timeline depends entirely on the insurance company’s diminished value policy. One thing remains constant: DVAC will stay involved throughout your DOV claim, offering advice and support.
If your vehicle has been totaled in an accident, how do you determine a fair settlement? The insurance company has their figure, and you have yours. DVAC helps bridge that gap by guiding you to a realistic, mutually agreeable number backed by comprehensive market research. We compile a total loss report that includes all of our findings and your vehicle’s actual cash value.
We equip each diminished value appraisal report with a vAuto market analysis, NADA Archival Valuation, and a complimentary Carfax. vAuto captures 100% of all U.S. sales data for any vehicle. Using this powerful tool, we compile an extremely accurate pre-accident value and assess diminished value based on the nature of your vehicle’s repair records. We also include a detailed photo file and the final bill from the body shop. Once everything is compiled, we email you a comprehensive 20–30 page diminished value appraisal report.
The IRS requires a professional appraisal for any vehicle worth more than $5,000 if you want to claim a tax write-off. While vehicles under $5,000 don’t need an appraisal, we still recommend getting one to help avoid a potential audit.
Insurance companies rely on appraisals to determine the fair market value of your collectible vehicle. A certified appraisal from a licensed appraiser strengthens your claim and helps ensure the insurer pays you the full compensation you deserve in the event of a collision.
The requirements can vary depending on your lender. Some institutions may ask for an independent appraisal to verify the true market value of the vehicle you plan to purchase.
What about “Certified Used Vehicles”?
Many dealerships now offer “Certified Used Vehicles” on their lots, but each one sets its own policies and standards for certification. In many cases, dealers look closely for even minor damage history to disqualify your trade-in from meeting their “certified” criteria. As a result, they may offer you less than if your vehicle had a clean title. DVAC can help you recover that lost value through a diminished value claim.
If an accident has damaged your vehicle and you’re concerned about its true value, call DVAC Diminished Value Appraisal Claims at 877-879-0101 for a FREE consultation. If you’re ready to start the process, start your appraisal now! You can also check out our blog for more case-specific information.
Call DVAC at 877-879-0101 for a FREE consultation or Start your Appraisal now!
