If you have been in an auto accident in California, you may be surprised to find that even if you have had your car “completely repaired,” it has still potentially and permanently lost a large part of its value. This loss of inherent value due to simply having been in an accident is known as “diminished value,” or “DV” for short. The insurance company covering the claim often owes this lost value to the car owner.
Hansen Price specializes in recovering these funds and helping you get the full amount of money you deserve after an auto accident. We guide you through the entire California diminished value process from start to finish. Our custom Diminished Value Report is prepared to USPAP™ standards, to give you the best chance at getting the money you are owed.
Contact our diminished value experts in California today by calling 888-706-4530 or by using our convenient online form. We serve the following cities as well as surrounding areas:
What You Should Know about California Diminished Value
Diminished value is a direct result of a vehicle being in an accident. Many times, when the at-fault party for the accident has your car repaired, the insurance company will do its best to pay the least amount to get the damages fixed. This can lead to poor repairs not up to the manufacturer’s standards. Even if the car is repaired to its original state, there is still an immediate loss of resale value to your vehicle, simply because it was in an accident.
Because of today’s technology, sites on the Internet such as Carfax, AutoCheck and many other accident report companies make it very easy for the everyday person to look up a vehicle’s history. Most citizens of California looking to buy a used car are not interested in buying a vehicle that has been in a reported accident. The diminished value of your car could be anywhere from 15%-50%.
Factors that can affect diminished value:
- Make, model and year of the vehicle
- Frame damage
- Sub-standard repairs
- Use of non-OEM parts not originally placed on the car by the manufacturer
- Overall percentage of damage to the auto versus its original value