Why You Need a Professional Car Appraisal After a Crash
There are two types of appraisals you can (and should) seek after being in an accident with your rare, exotic, or luxury vehicle: a diminished value appraisal and a professional car appraisal. Together, these will give you a clear and accurate idea of your financial losses, as well as strengthen your claim with insurance.
Here’s what to know about professional appraisals, including how they vary from diminished value appraisals and why they’re a must for supercar owners.
Professional Car Appraisals vs. Diminished Value Appraisals: What’s the Difference?
Although they may sound similar, there are some key distinctions between professional appraisals and diminished value appraisals you should know about.
- A professional car appraisal tells you how much your car is worth in its present, post-accident condition.
- A diminished value appraisal tells you how much value your car lost as a direct result of the accident and repairs.
Professional appraisals, sometimes referred to as standard appraisals, do take accident history into account, but only as one of several key factors. Diminished value appraisals, on the other hand, focus almost primarily on accident history and are an important part of supporting your claim against insurance.
How a Professional Appraisal Supports Your Diminished Value Claim
We always advise that our clients have their luxury and/or collectible car professionally appraised after an accident. A skilled appraiser with a background in your make and model of car will be able to tell you exactly what your vehicle is now worth, not just in general but in the context of your specific market. This information ensures an accurate valuation, strengthens your diminished value claim, and provides you with more leverage in negotiations -– all of which increase your chances of a sufficient insurance settlement. It also gives you a concrete figure based on market standards rather than a general assessment that doesn’t fully take into account your vehicle’s supercar status.
Common Questions About Car Appraisals
How much does a professional car appraisal cost?
Detailed appraisals for rare or highly valuable cars can be $500+, depending on location and availability. This is more than you’d pay for an appraisal of a standard car since appraisers must do more thorough research and reporting. But it’s well worth it, considering its impact on your final settlement.
Where do you take a car for a professional appraisal?
Many people take their cars to dealerships for appraisals. However, if you’re driving a rare, collectible, or luxury vehicle, you’ll want to connect with a specialty appraising company with the proper experience and credentials.
How much does a diminished value appraisal cost?
You’ll likely spend $300+ for an accurate diminished value appraisal. Expect to spend more if your car incurs severe damage and/or requires extensive repair work.
How do I get an IACP-certified diminished value appraisal?
The IACP, or International Automotive Certified Appraisers, sets the standards for diminished value appraisals, and working with an IACP-certified appraiser ensures you get the most accurate estimate of your financial losses. You can find one via the Bureau of Certified Auto Appraisers (BOCAA) website or contact us for help.
What does the car appraisal process look like?
An appraiser will evaluate your car, paying attention to things like interior and exterior condition, mechanical condition, and repair quality. They will then document their findings along with information on your car’s history and general market trends to provide you with an estimate of your vehicle’s current worth.
Work with Supercar Diminished Value Claim Experts
As supercar enthusiasts, we know just how much you value your car and the investment you’ve made in it. Fill out our online contact form to get more information on your possible diminished value claim, plus direct support as you seek out the proper appraisals.
