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Diminished Value Hits CarFax
Not sure exactly when this started happening but we just found out that CarFax is reporting Diminished Value Settlements on their vehicle history reports! This is a huge victory for consumers, as insurance carriers have fought having to pay for the loss in value due to accident stigma. This is particularly important when a vehicle owner is not “at fault” and their vehicle suffers accident damage from another driver that was negligent. Diminished Value is REAL because the accident history makes your vehicle undesirable to potential buyers. In fact, it forces you to discount the sale price to induce a buyer to purchase your vehicle instead of like vehicles without accident history. Diminished Value becomes increasingly detrimental when law enforcement sources add comments that are ad-lib like: vehicle destroyed, disabling damage - vehicle towed from scene, complete rollover, etc. This scares potential buyers away and drastically reduces resale value!
Insurance carriers have argued in courts and with their policy holders that no loss is realized unless the vehicle is sold. While this is untrue, you have a way to demonstrate your loss by getting a Cash Offer from CarBuyerUSA.com. It only takes 20 seconds and you don’t have to give up any personal data. Our offer will be adjusted “post inspection” for repairs, diminished value, repair quality issues, etc. This offer when compared to Retail or Replacement Value = your diminished value loss. In the example pictured above, the vehicle owner was awarded $1410 on a $3847 repair. CarBuyerUSA has purchased thousands of accident vehicles and depending on the severity of the crash and the extent & quality of the repairs, diminished value typically ranges between 10-25% of the retail value.
While this is a very big development for consumers, getting paid from the at-fault parties insurance carrier is not an easy task and requires a strong stomach and a warrior's spirit.
For more on Diminished Value click here.
