***UPDATE*** I compared three random diminished value settlements that clients have received using my appraisals and used the same Diminished Value Calculator most of these type of sites are using. Here’s the results:
- 2012 Honda Odyssey: My Appraisal – $10,275; Settled for $8500; The Diminished Value Calculator’s result: $1590
- 2010 VW Beetle: My Appraisal – $3720; Settled for $3000; The DiminishedValue Calculator’s result: $526
- 2004 Ford Explorer: My Appraisal – $1225; Settled for $700; The Diminished Value Calculator’s result: $36
- I can tell by the information that the calculator asks for that it must be based off of the 17c formula that a Georgia Supreme court found to be flawed. This makes me wonder if the insurance companies are actually the one’s behind this.
- Another explanation is the calculator intentionally gives low results so the insurance company will take the appraisal immediately. Why? because to most people, 2-300 hundred dollars is a good return for their investment. And they feel the calculator did an excellent job because the insurance company didn’t dispute it. Which leads them to write an awesome review stating how great the service is.
Using a DV Calculator, I’ve calculated several vehicles and the values tend to be about 25-35% of the real Diminished Value. So if you’re using an online calculator, and your real diminished value is $3000. then you’re going to lose around $1800. of your claim. All
But then, there are some who give you outlandish numbers because let’s face it, that’s what you want. Problem is, no one will pay anywhere close to that number. So you take it to an attorney and he’ll tell you to get a “real” appraisal. If your report comes from a place like this that is computer generated and not signed by a professional auto appraiser, you’re probably not going to get anything except laughed at by the insurance company’s appraisers and told to get a real appraisal by an attorney if you hire one.
They’re not stupid, they know it’s a computer generated report and that there’s no real value to it. DiminishedValue.net will review your final repair bill and determine the type of damage that has been done to your car, truck or motorcycle and then determine your Diminished Value. We look at your actual automotive market to determine how like vehicles are selling in your area. We include actual market data and sampling of like equiped vehicles from your market. Then we develop a personalized summary to explain how and why we arrived at our conclusion as to the amount of Diminished Value you have. When the adjuster asks for the methodology used to determine the amount and you can’t produce it, chances are, they’ll void your diminished value report.
The difference in a diminished value claim settlement between a well prepared Diminished Value Report, and a conservative or inflated computer generated report based off generic data can easily be thousands of dollars.