When given the choice, people will almost always prefer a car that has never been in a wreck to one that has. This means that regardless of how well it was repaired, every vehicle loses value after an accident. This loss of value is called “diminished value,” (or “DV” for short) and is usually owed to the car owner by the insurance company that is covering the claim.
At Hansen Price, we help you recover these funds by guiding you through the entire Washington diminished value process so you can rest assured everything has been handled thoroughly and professionally. Our custom Diminished Value Report is prepared to USPAP™ standards, to give you the best chance at getting the money you are owed.
Hansen price proudly serves residents all over Washington state, including Seattle, Vancouver, Spokane, and Tacoma. Contact us today by calling 888-706-4530 or by using our online form.
What to Know About Washington Diminished Value
Diminished value is a result of when a car accident occurs. Many times, when the at-fault party has your car repaired, the insurance company will pay the lowest amount possible to get the damages taken care of. This can lead to inferior repairs or aftermarket replacements. Even if the car is fixed to its original state, there is still an immediate loss of resale value to your vehicle after a car accident, simply due to the fact it was in a collision. Most citizens of Washington 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%.
Some 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
In 2003, the citizens of Washington became able to file claims for diminished value because of the case Heaphy v. State Farm Mutual Automobile Insurance Company, 72 P.3d 220, 117 Washington. App. 438 (Washington.App.Div.2 07/01/2003) This verdict was a result of the insurance company State Farm admitting that they should compensate for diminished value. They did so to avoid class action certification and to compel arbitration. This case set a precedent on how future diminished value cases and disputes should be fairly estimated and rectified.