The Importance of Understanding RV Diminished Value After an Accident
The Diminished Value of an RV After an Accident
An RV purchase is usually only second to the purchase of a home in regards to major family expenses. The memories made on the road are cherished for a lifetime. Most RV owners are not even aware of the repercussions of a single accident. The insurance company is not required to notify you about state case law that recognizes diminished value. Diminished value is the difference between what your RV or automobile was worth prior to the accident and its resale value after it has been repaired. An accident can negatively affect the actual cash value of your RV the same as it would to a car or truck. The widespread use of car history reports such as Carfax put a big spotlight on the dents and blemishes from every accident. The RV might look perfect after repairs are completed but the past problems are now front and center for any potential buyer to see. In some instances, a potential buyer may not purchase an RV simply because it has been involved in a prior crash, even though it has been repaired properly.
Several factors are involved when determining whether an RV has sustained any inherent diminished value. Just like any vehicle purchase, you would need to consider the year, make, model, condition, estimate of repairs and any previous damage. These factors and others are taken into consideration when evaluating whether an RV has inherent diminished value. The RV’s age and the severity of the damages are the primary concerns. Most vehicles experience depreciation regularly, and so does an RV. As an RV gets older, it experiences normal depreciation from everyday driving. The diminished value potential continues to decrease as the vehicle ages to the point where it is virtually nonexistent.
State law does not require an insurance company to tell you about your right to aggressively pursue a diminished value claim. However, they are required to make you whole again and that may involve their compensating you for the loss in value of your RV. Some nuances in state law regarding diminished value do present challenges and requirements that must be addressed. To qualify for diminished value several prerequisites must be established for a successful claim.
Diminished value is a subjective loss, and not every RV or automobile will qualify for a settlement. Each case is unique, just like each vehicle. Legal representation can make a serious impact on your chances of procuring the highest claim possible in the shortest period of time. To establish diminished value a professional opinion must be obtained. The expert appraiser will verify that the accident negatively affected the value of your damaged vehicle. The question surrounds the calculation by the appraiser as to how much of the value decreased because of the at fault driver’s negligence.
Legal Assistance and RV Diminished Value Appraisal Reports
A professional appraiser will not reduce the calculations to a simple formula for determining the diminished value. First, they will determine the actual cash value of the vehicle prior to the accident to determine a base price. Secondly, the appraiser will conduct a forensic review of the estimate and any damage photos provided. Appropriate weighting will be given to the extent of the damages. For example, frame, structural and safety systems will carry heavy weighting, since potential buyers will often not consider buying an RV or automobile that has sustained these types of damages. The appraiser will then use their professional opinion to determine what, if any, is the actual diminished value.
Having legal representation and the right appraiser working on your claim is crucial for a successful outcome. Furthermore, we have set up a free RV Registry that assists our law firm in expediting any future diminished value claims. By registering your vehicle today, you lock in benefits that reduce the costs and expenses associated with diminished value claims. At RVCrash.com our lawyers and appraisal team have years of experience handling RV’s, cars, exotic cars, motorcycles, trucks and boats. You can visit our website or call us for a free consultation: 1-855-RVGUARD (784-8273)
Protecting your RV and ensuring your rights to any diminished value claim is our priority.