Diminished Value Claim
If you own a collectible, exotic, or luxury vehicle that has been repaired due to damage caused by someone else’s negligence, your expensive vehicle is now worth less and you are likely entitled to recover diminished value and loss of use.
Contact SuperCarClaims.com today to help maximize your recovery.
What is Diminished Value?
Diminished value is the difference between your vehicle’s value before it was damaged, compared to its value after being damaged and then repaired.
Repairs DO NOT eliminate diminished value. Diminished Value occurs when your vehicle is damaged, regardless of the repairs made.
Diminished value can arise from the following circumstances:
- Damage caused by a Collision/Accident
- Damage caused by Falling Objects
- Damage during Repairs
- Damage while in Storage
- Damage during Transport
- Damage in most situations where someone else is “AT FAULT”
Calculating Diminished Value
Calculating DIMINISHED VALUE: SuperCarClaims.com Expert Appraisal
Most insurance companies inappropriately attempt to apply what they call a “17C Formula” to assess Diminished Value. However, case law disagrees with this approach as there is no “one size fits all” diminish value appraisal method for individual occurrences.
Preparing an accurate Diminished Value and Loss of Use appraisal is an objective calculation, which requires market value expertise and is based upon numerous vehicle specifics such as options, rarity, color, age, mileage, market availability, production numbers, original paint, condition, locale, etc.
SuperCarClaims.com employs numerous trained expert vehicle appraisers who have extensive knowledge of the market value of valuable vehicles. Our appraisers understand that damage to a valuable vehicle, which results in a crash history, is devastating to a vehicle’s value.
Who Pays for Diminished Value/Loss of Use?
Most diminished value and loss of use claims are paid by the “at fault” party’s insurance coverage. If the at-fault party was underinsured or uninsured, you might also recover compensation through your uninsured motorist coverage.
How SuperCarClaims.com Works
A trained team, including an attorney, appraiser, paralegal and intake specialist will gather information regarding the incident that caused damage to your vehicle. Initially, the team will obtain:
1.) incident/police report, including vehicle VIN
2.) insurance information from “at fault” party
3.) photographs of vehicle damage
4.) final repair invoice
5.) evidence of days in shop for repair
6.) CarFax report
After obtaining all necessary information, the team will put the insurance carrier of the “at fault” party on notice of your claim, and begin preparing our expert appraisal and demand.
It is SuperCarClaims.com’s goal to get you the compensation you deserve for Diminished Value and Loss of Use, as a result of damage to your vehicle.
Once our expert appraisal is completed, our team will file a demand for payment to the “At Fault” party’s insurance company. If the “at fault” party fails to timely respond or fails to offer an appropriate settlement amount, we contact you to discuss next steps, which may include filing a lawsuit against the negligent party.
Most claims settle without the need for litigation; however, not every insurance company is reasonable, and it sometimes requires a lawsuit to get their attention and the proper value for your claim.
It is from the above changes to this page and a few minor changes to “Loss of Use” that Steve would like the rest of the site’s content to emulate. We realize that this is quite the revision, so let’s spend some time on our next call reviewing these changes and seeing how we can best move forward accordingly.
Contact Us
SuperCarClaims.com is a division of the Gordon & Partners, P.A. law firm with over 120 employees, which has been in business for over 30 years.
We have a team of attorneys and appraisers who specialize in high-value vehicle damage claims and understand the many complexities involved in recovering your losses after damages to your rare, exotic, collectible, sports car or otherwise high-end vehicle. To get more information from our team regarding how we can help you, fill out our contact form to consult with an attorney about your possible diminished value claim. It will cost you nothing to do so, as we don’t get paid unless we WIN for you.
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