When your classic or custom vehicle has been in an accident, it’s important to get a diminished value appraisal. This will help protect you if you sell the vehicle down the road.
When an accident happens, and you’re not at fault, you can file a diminished value claim with the insurance company of the at-fault party. This will give you the difference between what your car was worth before the accident and what it is worth after the accident. By getting a diminished value appraisal, you are protecting your investment. This empowers you to make a claim with the insurance company of the at-fault party.
However, if you want to sell your vehicle after it has been damaged, no matter whether it was your fault, getting a diminished value appraisal can tell you the value of the vehicle so you don’t price it too high. The appraiser will go over each inch of the vehicle, noting the extent of the damage as well as the quality of any repairs that have been done. When you know what the car is truly worth, you can price it so it will sell more quickly.
With an appraisal done, you can move the selling process along more quickly perhaps as your buyers may be happy to learn about the state of the vehicle through your appraisal instead of getting one of their own. With a Carfax report, they can find out about the damage done to the vehicle, but they can also get more details about the vehicle’s damage and repairs through the appraisal. If potential buyers ask about any damage from accidents, you’re obligated to tell them about it.
If you want to keep the car, you should also get a diminished value appraisal because it can cut down on the premiums you have to pay for your insurance policy. Your car is not worth what it once was, so you can reduce the total amount that you insure it for. This saves you money and allows you to put that extra money back in your pocket.
An appraiser will look carefully for damage to the frame, unibody, and examine panel replacements, etc. The appraisal and the final repair invoice from the repair shop are important documents to keep.
A diminished value appraisal is a logical step to take if your classic or custom vehicle has been in an accident or damaged in several types of situations.