What is a Diminished Value Appraisal?
A Diminished Value Appraisal is a report compiled based off of expertise in car damage and market pricing based on the severity of the damage, any previous loss and current car buying market conditions your area a diminished value expert can tell you the pre-loss and post-loss value of a vehicle determining the actual amount lost because of a car accident on your car history report.
The Diminished Value Appraisal Report prepared by The DV FAX Experts will include a standard not met by most reports in the market.
Our distinguished Diminished Value Appraisal reports have a minimum of 13 to 15 areas of explanation:
We start off by our standard USPAP format which is the standard of congress and the appraisal foundation.
We break down all repairs made to the vehicle and establish the accident severity of the actual damage.
We contact the body shop in many occasions to find out exactly any problems that occurred during repairs, hidden damages and or anything declared differently on the repair report. Sometimes a car has structural damage but the body shop uses software that does not show it.
We go into a 6 million transaction database and pull sales and damage reports of comparable vehicles and then cross verify the vehicles with Carfax historical sales if available, some cars are very new and we must go back 1-2 years in order to cross verify loss of value.
We in many cases contact local dealers in your market area for opinions of determined loss and market value.
We then determine a pre-loss value based off of multiple databases, opinions of dealers and our expertise.
We then determine the lowest possible price based off of all the data available on sales data for your vehicle and get a valuation floor.
After we determine the maximum loss and pre-loss value, we examine the severity of damage from earlier and with the valuation floor find the post-loss value.
All of our diminished value appraisals pass the Daubert standard of evidence and come with a list of expert educational and certification background along with a signature to certify it was not auto-generated and made by a real person, unlike other instant diminished value companies which sell you a document which is borderline insurance fraud.