Diminished assessment, again called "loss of valuation," is the antithesis between the appraisal of your vehicle after a van accident, and the marketplace expense of your vehivle had it not been in an accident. Diminished value takes into story not exclusive what the vehicle is bill provided repairs are not completed, nevertheless how all the more the vehicle's payment loses much after duration constant, as repaired vehicles tend to fetch significantly less than vehicles with no accident legend.
This can be done at the same dealership you inquired about your car's previous value. You can also ask for a detailed estimated of the current value of the car from any repair shop, or have them provide you with an estimate before and after you have them do the repairs. You may also be able to determine the value using a car guide, but the estimate will be far less accurate than an estimate from a dealer or shop, so it's a better idea To admit a live person to make the determination.3.
Before you can calculate the diminished reward, you Testament necessitate to figure your van's preceding price. To conclude this, consult to a used car guide like Kelly's Blue Book or Carfax. Moreover to selecting the correct year, make, model, color, and any extra features your car has, you will also need to select the accurate condition of your vehicle. You can also ask your car dealer for a more accurate estimate of your vehicle's prior value.
2. Determine the value of your vehicle post-accident.
Instructions1. Proof the payment of your motorcar dispassionate prior to the accident.
Do the math. The formula for determining the estimated diminished value after an accident is:
Value of Vehicle Prior to Accident -- Value of Vehicle After Accident = Estimated Diminished Value
Subtract the value of the vehicle after the accident from the estimated value of the vehicle prior to the accident. This will give you an estimated diminished value of your car. Remember, this is strictly an estimate, and the result you get can vary quite a bit from the result that say, your insurance company determines if you are filing a claim to recover the diminished value.