Diminished Value is an insurance industry secret that can prevent you from suffering the loss of a lifetime as a result of damage to your vehicle.
Imagine two Porsche 911 Turbos are parked side by side – both for sale:
Same Year; Same Options; Same Mileage; Same Color and SAME PRICE. The only difference is that one had $15,000.00 worth of repairs due to a collision.
Which would you buy since the price is the same?
The answer is obvious – you’d buy the 911 Turbo without prior damage … and so would everyone else. The reason? The crashed car has “Diminished Value.”
DIMINISHED VALUE is “the reduction in value of a previously damaged vehicle as a result of the damage, despite the damage being repaired.”
1) What qualifies a vehicle for Diminished Value? It’s simple! The basic criteria for most Diminished Value claims are:
- A. Another Party is “At Fault”, and
- B. The Vehicle was Damaged (but not Totaled). The damage can arise from a variety of circumstances, such as:
» A collision;
» Transport or towing company damage, and
» Storage incidents such as falling objects.
2) In addition to Diminished Value, you are likely entitled to recover the following (depending upon your state’s law):
A. Deductible: Reimbursement of your deductible from the “at fault” party;
B. Cost of Damaged Personal Items: Reimbursement for damage to personal items caused by the negligence of a “third party” (Examples: aftermarket accessories, child seats, cell phones, golf clubs, etc.).
C. Rental Vehicle: Cost to rent a vehicle equivalent to your vehicle while it is being repaired.
Insurance companies for the “at fault” party usually attempt to provide a rental of inferior quality to your vehicle. In most states, you are entitled to a rental that is the equivalent of your vehicle while it is inoperable or being repaired, and or
D. Loss of Use: When a rental vehicle is not needed or provided, you may be entitled to recover the cost of the loss of use of your vehicle while it was inoperable (or unsafe to drive) and for the duration of the repair.
We understand that damage to your vehicle can negatively affect its value. We own specialty vehicles, are car enthusiasts and know the market. When it comes time to sell your vehicle, every prospective buyer will want to know if your vehicle has a history of damage.
A “dirty” CarFax or damage history negatively impacts value, no matter how good the repair.
If your supercar or other valuable vehicle has been damaged by someone else’s negligence, we have attorneys and on-staff appraisers who are car enthusiasts and supercar owners who want to help you recover the maximum damages for your Diminished Value claim.
If we can help you, it will cost you nothing to retain our services. We don’t get paid unless we win for you.
Remember, we’re not just lawyers … we’re also car enthusiasts.
Your vehicle is a “Supercar” to us!
Visit SupercarClaims.com For More Information.
Steve G. Calamusa, Esq. (Pictured above with Nico Calamusa/PCA member since birth in 2019)
Founding Member – Gulfstream Region PCA | Owner of 2008 Porsche GT2 | Ferrari Club of America member | The Mercedes-Benz Club of America member
Attorney/Shareholder Gordon & Partners, PA
