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this one, visit our website at http://www.SafeCollisionRepairs.com Diminished Value Calculations
A recent compilation of statistics on first and third party Diminished Value (DV) claims revealed some interesting information:
Average Preloss Value of Automobile .. $20,565.42 Actual cases, none more than one year old, were used to compute the statistics listed above. The vehicles that were chosen represented a good balance of light duty trucks (incl Sport Utility Vehicles) and passenger cars between the years of 2001 and 2004, none of which had been previously damaged in an accident or submerged in water. We also eliminated high-end and collector cars. Vehicles with a low market value were understandably absent because DV is not usually considered in these cases. The files included a mix of front, rear, and side hits on cars and trucks of varying values. Values ranged from $27,500 on the high end to slightly less than $10,000 on the low end. No vehicles were considered that had been rolled, damaged beyond actual cash value, or bought back by shops or insurers. In all cases repair work was paid with insurance funds thereby eliminating vehicles where repairs were paid by cost-conscious private-party payers. Each case was individually considered to make certain it would not skew the averages up or down to any great degree. To further achieve a good balance, an equal number of cases were selected from the states of Ohio and West Virginia. The mix of insurance companies was considered as well, giving greater weight to those with larger market shares. Because this sampling was done for our own private purposes, we recognize it could probably not withstand heavy scrutiny from those who would refute its validity. Still, it was our intent to see to it that these statistics accurately reflected the average repair on the average vehicle where DV is considered in the two states previously mentioned. We believe we achieved that goal and compiled remarkably accurate information. Remember, our figures are based on averages. The amount of money you have at stake may be higher or lower than the average amount we calculated since DV is assessed on a case by case basis. content & design ©2002-2009 David Williams and SafeCollisionRepairs.com
For more than ten years, David Williams of Wheelersburg, Ohio's Safe Collision Repairs has worked with consumers and attorneys in the tri-states of Ohio, Kentucky and West Virginia to expose unsafe auto repairs and maximize recovery on auto insurance claims. Some of the company's services include Post-Repair Inspections, Prepurchase Inspections, Auto Damage Assessments, Lemon Law Investigations, Expert Court Testimony and Diminished Value Calculations using an advanced version of Network Information Communication's WreckCheck program.
The content expressed on this website and in the article above represents the opinions of David A. Williams. Williams is neither an attorney nor public insurance adjuster, but is an expert, consultant, and writer specializing in the field of automotive collision repair and valuations. The information provided herein is not intended to be a substitute for legal or insurance advice. Because collision repair is a continually evolving science, any text, materials or links found herein are provided without claim or guarantee to their accuracy or completeness. |
