Deciding if your vehicle is a total Loss.
Sometimes diminished value plays an important role in deciding if your vehicle is a total loss.
In some cases, the repair amount is between 65% and 75% of the value of the car. Most insurance companies will be on the fence deciding what to do next, informing your insurance adjuster of your intent to pursue a diminished value claim might make the deciding factor.
There are two types of Total Loss:
Economic Total Loss: Simply put, the insurance company would declare a vehicle totaled if the cost of repairing the vehicle + rental cost + diminished value + salvage value is greater than the replacement cost.
Actual Total Loss: This occurs when the insured property is completely and utterly destroyed.
If the repairs are between 65% and 75% of the vehicle’s value, economic total loss can be achieved by presenting the insurance company with a diminished value assessment that will increase the total insurance payout beyond the total loss threshold.
Since most insurance companies use a low ball Diminished Value estimate, it is rare that this factor goes into play when determining the vehicle’s total loss eligibility. Giving them a glimpse into your future Diminished Value claim will definitely change their perspective on the claim and help you get the vehicle totaled.
Once they declare the vehicle totaled, you want them to give you the full replacement cost of the vehicle.
The amount you pay us for the Diminished Value appraisal will then go towards our total loss appraisal. We make it easy for you!
Fill out the form below to receive a complete total loss evaluation or call us at 678-404-0455.
