Being a motorist, you should be aware of the concept of diminished value, but there are many other concepts related to the diminished value of a vehicle that you may not have heard of. Understanding the problems that motorists face due to reduced value of their vehicle, our Tucson body shop plans to shed some light about diminished value.
When a vehicle goes through an accident, and there are repairs, its value gets reduced to less than it was before the accident. The value that it has lost due to that accident is known as diminished value. Unfortunately, if you go through such a situation the upside is that then you can claim the diminished value from your insurance company. As it will increase the expenses of an insurance company, most of the companies do everything they can to avoid paying diminished value. But, it is your right to claim and get the diminished value from your insurance company. This is something I’ve learned from my rep at One Sure
An auto body shop Tucson, has explained all this very clearly.
Immediate diminished value: It is the difference of vehicle’s resale value which it has immediately before and immediately after the accident. This standard is used by the court system. But, as there are fewer cases in which the courts are used for the recovery of damaged property, this standard is rarely employed.
Inherent diminished value: While using this standard it has been assumed that the vehicle has undergone the optimal repairs. Inherent diminished value is the resale value a vehicle (after has undergone repairs) which has been reduced only due to the fact that it has noteworthy damage history. This type of diminished value is mostly recognized and used for the recovery of property damage.
Repair related diminished value: It is the amount by which the resale value of a damaged vehicle can further reduce because of the fact that it has not received optimal repairs. Whether the unrepaired defect is a small or big one, everything will be included in the repair related diminished value.
Though you will not be able to regain the original value of your car, getting it repaired from a reputable auto body shop of Tucson will help you to minimize the loss in its value. Many of the auto body shops Tucson claim to provide you the quality and optimal repairs for your car, but in order to get the diminished value of your vehicle, you are required to submit an auto body diminished value claim. While claiming for the diminished value of your car, you are required to hire an independent appraiser who will be able to inspect the repairs and giving a non-biased report for the diminished value in Tucson.
As the law for diminished value varies from state to state, you should be aware of the rules that are followed in your state. If you are not aware of the law and the procedure for claiming your diminished value, it would be a smart decision to hire an independent appraiser or visit Right Choice Collision, your Tucson auto body shop.