Diminished Value Scenario with Previous Accident
DVAC is often contacted by those who have been improperly denied a diminishment of value (DOV) settlement because of a previous at fault incident. What is the correct way to respond to this issue?
When DVAC handles multiple incidents we must calculate the correct DOV on the first incident before calculating subsequent incidents. Often this means that the owner of the vehicle is entitled to more than one DOV settlement. Once the fist incident DOV is properly calculated it must be deducted from the book value of the vehicle before calculating the next DOV.
If done properly, the insurance company can not deny your subsequent diminished value claims. DVAC includes both a CARFAX History Report and a CARFAX Market Report in every Diminished Value Appraisal. We also stay involved and walk with you until the correct settlement is in hand. Obviously, it is critical to have a licensed professional in your corner.