Your classic or custom car is a significant investment, and when it is in an accident or otherwise damaged, your investment takes a hard hit. What options do you have to recover the lost value if you’re not at fault? Can you get the best diminished value appraisal Maine can offer to help you?
Yes, most definitely, is the answer. If you’re not at-fault, you can get an appraisal. You may wonder what the point of getting an appraisal is, especially when the vehicle has been damaged. The appraisal can determine what the car was originally worth and what it worth now that it has been damaged. You want to have official documentation of the vehicle’s diminished value, which is the different between what you could sell the vehicle for in its original condition and what you could sell it for after the damage occurred.
Then you want to file a diminished value claim with the insurance company of the at-fault party. This can help you get compensated for the loss in your investment and maybe pay for some repairs. It doesn’t restore your vehicle’s value completely, but it can help you recoup your loss to a degree.
You might want to get a diminished value appraisal for other circumstances as well. If you’re considering buying a collector vehicle, you should get an appraisal to ensure it has not suffered an accident. This can be considered more of a pre-purchase inspection, but you will be able to tell what the car’s value really is if it has been in an accident, and you don’t have to just accept the seller’s word that it is worth what they’re selling it for.
As a seller, knowing the value of the car after a wreck or damaging incident is also important. You shouldn’t try to put it up for sale for more than it’s worth. The car will sit longer and not sell as fast as you would like if the price is too high. You may also share the appraisal with possible buyers to promote transparency.
When you want to find the best diminished value appraisal Maine can offer, give us a call. We look forward to help you by conducting a thorough inspection of the vehicle and documenting its original and current values in detail.