Diminished Value Auto Appraisals
Empathy Claims has for many years partnered with insurance carriers to provide the best independent, claims adjusting services in the industry. We have an extensive background in the area of diminished value appraisals. This area of adjusting takes many years of industry knowledge and hands on experience to do correctly. Empathy Claims is very pleased to offer outstanding diminished value claims appraisals to the insurance carrier community.
Diminished Value Claim Appraisals
Diminished Value is a term commonly used in the insurance industry for the value of property that has lost some of its value do to damage or destruction. Many people only associate diminished value with auto appraisals, but these kinds of evaluations can be done with any property, such as boats, houses, artwork, jewelry and other types of collectibles.
Diminished value is often confused with depreciation, but they are very different situations. Depreciation is the expected and gradual loss of an object’s value over time. Conversely, diminished value is a decline in value due to a sudden, damaging event taking place.
Immediate Diminished Value
This measurement of loss is made by comparing the worth of something immediately before it suffers damage and comparing it to the value right after damage has taken place.
Repair Related Diminished Value
A situation where an object would lose value by being unable to be repaired back to original condition. Because an item is unable to be returned to its pre damage condition, it losses value in the marketplace.
Inherent Diminished Value
This type of diminished value takes into account that an object has been repaired to the fullest extent possible, but its value is still reduced due to its well documented damage history.
Diminished Value Claim Appraisal Team
At Empathy Claims, the dedicated team of diminished value appraisers will be your advocates in the field to ensure that the value of any given object is fairly assessed for our insurance customers. We follow an evaluation protocol with every damaged object.
- Valuation of the object in its pre-accident condition
- Full damage assessment of the object
- Evaluation of the item’s reparability
- Market place research to find the value of comparable objects in similar condition
- If needed, obtain opinions of professionals in the field in which the object falls
- Issuance of a fair and defendable appraisal
As a reputable insurance carrier, we know that you want to settle your claims fairly for all parties involved. Diminished value appraisals take special experience and knowledge to get the job done accurately. You can count on the dedicated professionals at Empathy Claims to partner with you in the field to make sure that your diminished valued appraisals are conducted with the appropriate amount of research and due diligence. We take the time needed to carefully value objects before damage and afterward. Empathy Claims has a national network of appraisers, with many business contacts in various fields, who can play an important role in getting an appraisal done accurately and fairly.
Empathy Claims also offers outstanding auto and property appraisal clause services to insurance carriers and self-funded entities.
As an insurance company, we know that you cannot have a representative in every location in which you have insured customers. Let Empathy Claims be your partners in the field to ensure that you are well represented by advocates who have your interests as their top priority.
Contact us today to learn more about why so many insurance carriers have trusted us with their diminished value appraisal needs. Let us put our many years of experience and knowledge to work for your insurance company.