Exotic Car Diminished Value
$379.00
$379.00
per item
So what exactly is diminished value? Diminished value, also referred to as diminution of value, is the sudden loss of value your vehicle sustains after an accident. You may be asking yourself, why would a car lose value after an accident? Well, think about it this way. You're in the market for a new car, you've done your homework, and have narrowed it down between a couple of different options. You found two identical cars for sale that are being offered for the same sales price. We are talking about the same year, make, mileage, and identical options packages. You run the vehicle history report on both cars only to find out that one of them has an accident in its past. Which one are you going to purchase? Most buyers are going to purchase the one with a clean accident history. Why would you risk the uncertainty of buying the car with a prior loss when you could pay the same price for one with a clean history? In order to entice buyers to buy the car with a prior loss, the seller must discount the vehicle to make it more attractive. This is diminished value.
How does diminished value differ for an exotic car? Ferrari's, Lamborghini's, Maserati's and the like aren't your run of the mill vehicle. These are high performance machines. These vehicles require more pampering than your mother in-law's Tercel. We require a physical inspection due to the sensitive nature of the claims. Insurance companies don't want to pay diminished value to begin with and they are really going to push back on the loss in value for high end vehicle's like this because they are costly to the bottom line.
How does diminished value differ for an exotic car? Ferrari's, Lamborghini's, Maserati's and the like aren't your run of the mill vehicle. These are high performance machines. These vehicles require more pampering than your mother in-law's Tercel. We require a physical inspection due to the sensitive nature of the claims. Insurance companies don't want to pay diminished value to begin with and they are really going to push back on the loss in value for high end vehicle's like this because they are costly to the bottom line.