The Right Formula to Calculate Diminished Value
Calculating the diminished value of a car is a big issue and it is a hard thing to actually know that the amount of money that you have lost due to an accident for your car’s value, would ever be paid back to you or not. A formula by the name of 17c is present and there are several online diminished value calculators too but these calculators are seriously of no worth.
All those people who have a diminished value car should get the diminished value calculated by a thorough professional and then hire an advocate and makes the claim through the court and make sure that they get paid. DO NOT use the online diminished value calculator as they are useless and most of the times they come up with senseless amount which is either too less or too much that when you send in the claim to your insurance company they either pay instantly or they just over look your claim.
The reason is that if they pay instantly without the help of a lawyer then you should be sure that you have lost a lot of money because if you claim $ 750 for your car whose original claim was around $ 9000 then believe me you have made a big mistake. And in case your claim is over looked then definitely you have made either a too high claim or your claim is true and they have to pay it. After making the claim make sure that you pursue it or you would lose the money totally.
Getting back to the diminished value actual formula, you should know that there is actually no perfect formula for it. Their reason is that the damage per vehicle I never the same. You can never find a vehicle of the same, brand, color, company, model, etc. that has been in exactly the same manner as another one. So if anyone comes up with the idea that they would provide you with a diminished value calculator and you can easily estimate your damage then please don’t get fooled by the idea or you would lose a lot of money.
The best way to calculate your Diminished Value is to hire a professional who would tell you what your vehicle is worth after the accident. If you were aware of its price before the accident then you should be able to calculate the diminished value yourself otherwise you have to take the risk of believing an expert for the price that he calculates the car that was before the accident.