Diminished value involves determining the difference between what your car was worth before being involved in an accident, and the value after all the repairs are made. In order to ensure the figure that you’re using is correct, it makes sense to call on the services of a certified appraiser. Here are a few reasons why making sure the appraiser is certified will make using that car diminished value a little easier.
Knowledge and Expertise
In order to become certified, an appraiser must go through a training process. Along the way, that professional will also pick up a great deal of practical experience. Combined those qualities are likely to result in a more accurate determination about the value of your car before the accident and after the repairs.
The same cannot be said for someone who knows cars well but isn’t certified. That’s because anyone who lacks the training and certification may overlook some key factors that impact the value. Since your goal is to arrive at an accurate figure for the diminished value, you don’t want anything to be overlooked.
A Thorough Appraisal
Opting for a certified appraiser means certainty that the appraisal will be thorough. The professional will consider parts of the vehicle that did not sustain damage as well as parts that were damaged. This helps to provide more insight into what the car was worth before and what it’s worth today.
Thanks to this more comprehensive appraisal, you can depend on the resulting figure. That’s important whether you plan on selling the car, using it as a trade-in, or possibly filing a claim for diminished value with the insurance company.
A Figure That The Insurance Company Will Accept
Here’s a key element about filing a car diminished value claim with an insurance provider: they want accurate data. Opting to have the car appraised by a certified professional will mean that the provider is more likely to accept the figure and give the claim serious consideration.
That would be less likely to happen if you took the car to a local repair shop and went off general information about the make and model’s market value. At best, what you have are estimates rather than appraisals. Attempting to file a claim without information from an appraiser is a good way to ensure the claim is rejected.
Expert Testimony If the Matter Goes to Court
What happens if you obtain an appraisal and the claim is still rejected? Is that the end of the matter? The answer is no. You can decide to file suit and pursue the matter in a court of law.
Should it come to that, having a certified appraiser who can testify as to the accuracy of the diminished value figure will do a lot to strengthen your case. In fact, it may be the deciding factor and improve the odds of receiving a judgment in your favor.
If you have any questions about the amount of diminished value sustained as the result of an accident, don’t rely on anything other than the findings of a certified professional. However you choose to use the information, rest assured it will be helpful.