Automobile Appraisal Co., Inc.
Diminished Value (Loss of Value)
There are many steps in the process to determine if there is any diminished value, and if so, why and how much. Since there is no standard set of rules and/or guidelines for determining diminished value, this company designed a methodical process in an effort to eliminate arbitrary, capricious, or inconsistent determinations in its documents. It is apparent that the number of diminished value claims will keep increasing, documents will constantly be evaluated for credibility, and more lawsuits will be filed unless there is a precedent set that differs from the current trend.
Diminished Value - Frequently Asked Questions
What is D.V.?
D.V. or diminished value is the anticipated loss of value after a vehicle has sustained damage.
What determines D.V.?
There are several factors that determine if a vehicle has diminished value. These factors may include, but are not limited to, the following:
Date of loss
Date of loss mileage
Has the function of the vehicle been restored?
Are repairs complete and within industry standard?
Has the market (retail) value been effected? (Actual cash value - prior and after)
Amount of damage/repairs.
Does every vehicle have diminished value?
No! Not every vehicle has diminished value. Each vehicle's characteristics and statistical data concerning the loss will assist in determining any anticipated loss of value.
Who can hire Stated Value's services?
We assist individuals, government agencies (IRS, DOT), banks, attorneys, major and independent insurance companies, etc.
How does Stated Value determine diminished value?
Since there is no standard set of rules and/or guidelines for determining diminished value. This company designed a methodical process using a vehicle's characteristics and statistical data in an effort to eliminate arbitrary, capricious, or inconsistent determinations in its documents.
How much does a diminished value appraisal cost?
Fees are determined by the location of the vehicle and/or the due diligence needed to complete the document.
What is the turnaround time of a document?
7-10 Business Days
How long is your document?
15 - 20 pages (or more).
Note: According to the Texas Department of Insurance, appraisal fees are recoverable if the insurance claim’s representative requests a written report for the diminished value, an appraisal fee was paid for the report and the claimant is not the negligent party. See the Texas Department of Insurance Commissioner's Bulletin below.
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