Arizona Diminished Value Claim
If your vehicle has been in an accident, its resale value may be affected. Make sure that you receive the money you deserve for you vehicle, repaired or not, by working with the diminished value experts at AutoLoss.
Diminished Value in Arizona
In the state of Arizona, there are a series of diminished value laws that affect an individual’s ability to file a diminished value claim. Every diminished value claim must be filed within two years of the accident and cannot be submitted if you are the at-fault party. If the damage was caused by something other than an accident or if you are uninsured, there is no diminished value recovery. In order to calculate diminished value, the vehicle’s value after the accident is subtracted from the pre-sale value.
I finally received a check from AAA for $7077.98 for DV in my 2010 Subaru. They originally only wanted to give me $3465.00. Thank you for putting together the manual on how to fight back. It was a great help. AAA pulled a few of the tricks mentioned in the manual. I stuck to my guns and did not get in a hurry. I was trying to squeeze out $8,000.00 from them but I am happy with the $7,077.98. I am so glad I went with you guys. It was worth the fee I paid you.
The Oliver vs. Winthrop case of 2008 was an important case for diminished value law in Arizona. A 2008 Jeep Wrangler was involved in an accident in which the other driver admitted fault and paid $15,500 in repairs. An appraisal expert then determined that the Wrangler had lost value of almost $9,000, even after being repaired. The owner was offered $10,000 for the vehicle in a wholesale deal due to the damage history. The Jeep Wrangler owner decided not to sell the car, but was still able to recover an additional $8,975 in diminished value when the ruling stated that you needn’t sell your vehicle to be eligible for a legitimate claim.
About Diminished Value Claims
Diminished Value refers to the reduced value of a vehicle simply because it has a significant damage history. Even after the vehicle has been repaired to it’s optimal value, the market value of the vehicle may still be reduced. There are three types of diminished value that your case may fall under:
1. Inherent Diminished Value: This type of diminished value refers to the loss of value of a vehicle simply because it has been in accident. Even after the vehicle has been fully repaired, it may still be considered less valuable than a car that has no accident history. This type of diminished value is the most common and most highly accepted.
2. Repair-Related Diminished Value: A vehicle that experienced an accident and was not repaired properly may experience repair-related diminished value. Whether the car still has cosmetic damages or structural damages, it may experience loss in value due to incomplete repairs.
3. Immediate Diminished Value: Right after a vehicle has experienced an accident, it may lose value even before the owner has the chance to make repairs. Immediate diminished value can be calculated as the difference in resale value of a vehicle before the damage occurred and the resale value before repairs have been made after damage has occurred.
When you need to know the true value of your vehicle, an auto appraisal by a professional at AutoLoss can help to make sure that you receive the best value for your unique vehicle. An auto appraisal takes into account the full history of the vehicle and provides you with an expert opinion on the vehicle’s value that you can then present to the bank, credit union, potential buyers, and insurance companies. There are many reasons as to why an individual may need an auto appraisal, which is why company’s such as AutoLoss provide a variety of Auto Appraisals.
A Stated Value Appraisal can help to establish the true market value of a vehicle that may be required from a bank, credit union, or insurance company. A Loss of Use Appraisal helps to value a business’ vehicle that has been involved in an accident but was necessary for business operations. This type of auto loss appraisal can help recover the value of the vehicle’s service to business. A Lease Termination Appraisal is best for individuals looking to get out of a lease early, and are determined by the vehicle, the market, and miles on the vehicle. Luxury Automobile Appraisals are another type of Auto Appraisal that help protect an individual’s investment. This type of appraisal ensures that the full value of the luxury vehicle is realized and proven. Auto Appraisals are also valuable for individuals looking to donate their car for tax write off purposes.
Total Loss Appraisals
When your vehicle is considered a “total loss”, the insurance company may make you an offer that is less than your desired amount. “Total Loss” of a vehicle refers to when the cost to repair the vehicle exceeds the cost of the vehicle’s worth. After damages occur, an insurance company may make you an offer for the cash value of the totaled vehicle minus your deductible on your comprehensive or collision coverage. A Total Loss Appraisal will ensure that this offer from the insurance company is accurate and provides you with the best value for your damaged vehicle.
When is a vehicle considered “totaled”?
These considerations vary from state-to-state, but to give you an idea, here is a basic rundown in Autoloss’s home state of Oregon:
A vehicle that is declared a Total Loss by an insurer who is obligated to cover the loss. Also, a vehicle that the insurer takes possession of or title to.
A vehicle that has sustained damage that is not covered by an insurer and the estimated cost to repair the vehicle is equal to at least 80% of the retail market value prior to the damage. “Retail market value” is defined as the amount shown in publications used by financial institutions (eg. banks, lenders) in this state.
A vehicle that is stolen, if it is not recovered within 30 days of theft and the loss is not covered by an insurer. In this situation, you must notify DMV within 60 days of the theft.
Do I need an appraisal to purchase a vehicle?
Sometimes! Banks, credit unions and individual lenders may require an independent appraisal to establish the true market value of the vehicle you are planning to buy.
Do I have to sell my vehicle to make a diminished value claim?
No! Whether you want to sell your repaired vehicle right away, or 10 years after the claim is your business. The drop in value occurs immediately, and you are entitled to be compensated immediately.