How do I calculate diminished value after wreck ?

lizzie333

I have a 2015 Nissan Versa. I was rear ended which caused $5,108. in repairs. Structural damage only. The other driver's insurance is paying for the repairs & a rental car.
My question is how do I get a fair amount from the diminished value of my car ? Can I figure this amount myself ?
Thanks for your response. Drive safely.

Mr_Shiftright

Sorry to hear about your accident.

What you have to do is hire an appraiser who specializes in Diminution of Value. He/she will create an appraisal that shows, through evidence, dealer opinions and if possible comparable, previously-damaged vehicles for sale, how much your vehicle's value has diminished.

There is no 'set formula" for calculating DV--it's more of an ability to present a logical argument that diminution has taken place.

Naturally, the % of diminution depends on a number of factors: the type of car and the type of damage. Also, the older the car generally the less the DV.

So make sure the appraiser you hire has experience with DV. Not all appraisers have equal talent in this area.

lizzie333

Thanks for the information.

lizzie333

Well, it's a tough world out there. And I thought just buying a car was overwhelming. LOL I shopped & compared prices for almost a year before finally buying my car. Little did I know I would be trying to get a fair deal again. ( With the DV )
Thank you for your answers. Your time is valuable & I appreciate your advice;