Any vehicle that gets into an accident immediately loses some of its inherent value. Even if the repairs are carried out flawlessly on the automobile, it will never be worth what it was before the accident. This is called “diminished value,” or “DV” for short, and it refers to the fact that most would-be car-buyers in Hawaii would rather not purchase a vehicle that has been in a reported accident. More often than not, insurance companies will not take diminished value into account when making you an offer – that’s where Hansen Price comes in.
We specialize in helping you recover the lost value of your car that the insurance company owes you after an auto accident. Our experts guide you through the entire Hawaii diminished value process from start to finish so you know everything is handled correctly and professionally. Our custom Diminished Value Report is prepared to USPAP™ standards, to give you the best chance at getting all the money you are owed.
Whether you live in Honolulu or any other city in Hawaii, you can contact our diminished value experts today by calling 1-888-706-4530 or by filling out our online form.
More About Hawaii Diminished Value
Diminished Value occurs when you are in an accident where someone else is at fault. After your car has been repaired and upheld to its previous state there is still an immediate loss of resale value. The diminished value of a car in Hawaii can range anywhere from 15% – 50%. It is important to take in consideration that because of the wide variety of car history websites on the Internet (such as Carfax, Autocheck and many other accident report companies,) it is very easy for anyone to look up a vehicle’s history. Studies show that only 1/3 of Americans are willing to buy a car that has been in a previous accident. This is why it is important for Hawaiians to seek the right help in recuperating all of the losses owed to you when you are in an accident and you were not at-fault.
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