AI Overview
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The term “Auto Diminished Value” means that cars which were damaged and subsequently repaired lose market value as a result of having a repair history, sometimes known as a “Bad CARFAX.” In most states, this lost amount is recoverable from insurance companies of at-fault parties. The amount of diminished value is determined by the damages that were repaired and the vehicle itself.
RULES OF THE ROAD
Best rule of thumb #1 for choosing an independent appraiser is to make sure they don’t also work for insurance companies.
Best rule of thumb #2 for choosing an independent appraiser is to make sure they will act as your advocate when necessary during the course of the insurance claim.
Best rule of thumb #3 for choosing an independent appraiser is find one that does real-world research instead of short-cuts such as formulas, algorithms, online ad comparisons or book value condition differences that can’t be disputed by insurers or in court. In addition to their own opinion of DV, the unbiased opinions of at least six new car dealers to support the appraiser’s estimation is the most probative evidence..