our big leap into a super power status came from the emergence of the American Auto Industry. Apart from the ancillary
businesses that sprung up from car manufacturing like parts and service, a new type of industry also came into being –
Insurance. Although the concept of insurance and the companies that provided it was not new, the application of it's
principals to automobiles began a whole new venture and revenue stream for these corporate giants.
Insurance companies make their money by charging a premium fee per month or yearly and then provide certain assurances
that in the event of particular instances your vehicle, and you, will be covered. This coverage usually involves
monetary compensation for things like medical bills when occupants have been injured in a crash, liability payments in
case you crashed into someone else and repair costs for your damaged car. Repair reimbursement is assumed to be full
compensation even when you have a totaled car. Value that is assigned to your beautiful machine that now may lie in
ruins is where the term "diminished automobile value" comes into play.
Diminished auto value is the dollar figure shelled out by the insurance company that should equate to the resale value
of a damaged or a repaired vehicle that's been lowered due to a noteworthy history of reparations. What this means is
simply that when you have a totaled car, value is
reduced when it is up for resale because of its past smash up. It doesn't matter that the car looks and runs like new
or even if all original parts were used or even if it runs better now than before. Because it was in an accident buyers
will always use this as a reason for offering a lower price and since your car will have this reputation follow it
around forever, you will never get the full amount you would have if the auto had never been damaged.
According to industry experts at Autoloss.com:
"It has been estimated that 55% of consumers would nt buy a car that had been in an accident. 81% would not have a car
that had been in a wreck unless they were given a large discount."
Although diminished automobile
value is something every vehicle owner is entitled to, most insurance companies are loath to even acknowledge its
existence. For the most part the auto insurance claims adjuster will never inform you of this type of compensation. In
fact there are insurance companies that will actually reward their adjusters for minimizing the amount of settlements.
It is for this reason especially that makes having an independent claims adjustor do an inspection all the more
crucial.
Industry specialists Autoloss.com, understands the importance of getting your own independent repair evaluation which
could worth thousands of dollars. And it doesn't matter if you settled the claim as long as it is within a four year
period a diminished auto value
claim can be negotiated – depending upon the state you live.
For independent appraisals and more diminished value claim information in your particular State, contact Terry Fisher
at www.autoloss.com. You can get a free quote, available online or simply call direct at (877) 655-1661.
About Autoloss.com:
The Appraisal Group of America has been in serving client since 1996. We handle imports, domestics, trucks, exotic
sport cars, RV's or automotive tools, collector cars, semi-trucks, heavy equipment and boats. Our clients list includes
The Federal Bureau of Investigation, Drug Enforcement Agency, United Stated Marshal Service, United States Dept of
Justice, NW Investment Cars, GMAC, Ford Motor Credit, Mazda American Credit, in addition to numerous leading lawyers,
credit unions, banks, and financial institutions throughout the America.
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