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Recover the True Value of Your Vehicle.
Statute of Limitations to File:
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Diminished Value Through Uninsured Motorist Coverage:
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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 is recoverable in third-party cases and through your own uninsured motorist coverage. Minimum liability coverage is required and the statute of limitations to file a claim is 3 years from the date of the accident. Chapter 50 Damages 5027.
Potomac Ins. Co. v. Wilkinson, 57 So. 2d 158, 160-61 (Miss. 1952)
Holding that if, despite repairs, there remains “a loss in actual market value, estimated as of the collision date, such deficiency is to be added to the cost of repairs.”
Ishee v. Dukes Ford Company, 380 So. 2d 760, 761 (Miss. 1980)
(“The proper measure of tort damages for a plaintiff holding personalty for sale in the retail market is the total diminution in retail market value proximately caused by the defendant’s tort. Cost of repair may be recovered, as well as the remaining diminution in pre-tort value after the proposed repairs, but in no event may cost of repair be recovered to the extent it exceeds the total diminution in pre-tort value in the case of one holding personalty for sale rather than for personal use. See gen. Calvert Fire Ins. Co. v. Newman, 240 Miss. 10, 124 So.2d 686, 688 (1960)”)
Mississippi Model Jury Instruction – Civil 11:30 5027 Damages – Personal Property – Cost of Repairs
In determining the amount to award the plaintiff for damage to [his/her/its] personal property, you should consider whether the personal property can be repaired or restored to its earlier condition. You may consider (1) the cost of repairs and (2) how much less the personal property will be worth once it is repaired.
If repairing the personal property will make it worth the same as it was before it was damaged, then you should only award the reasonable cost of repairs. If repairing the personal property will not make it worth the same as it was before it was damaged, then you should award the reasonable cost of repairs and the difference between what the personal property was worth and what it will be worth once it is repaired.
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.
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