Even after your vehicle is damaged, getting a diminished value appraisal Rhode Island is a good idea. It can help you save money and even help recoup some of the losses of your vehicle in the case of an accident that was not your fault.
First, a diminished value appraisal accurately determines the current market value of the vehicle. You can save money every month on your car insurance premiums with a diminished value appraisal because you can lower the coverage that you pay for on your policy since your car is worth less. The appraisal can help you determine how much coverage you want to pay for.
Additionally, a diminished value appraisal can be helpful if you’re going to sell your car after it has been damaged. You will know the price at which to set your car so that buyers won’t think you’re trying to sell the car for more than it’s worth. This can be really helpful if you want to sell the car fast.
With a diminished value appraisal, you can also make a claim to the insurance company of the party that damaged your car. You can file a claim to recoup the cost of your vehicle by submitting a claim to the other insurance company that details the loss of value of your vehicle.
Many people don’t realize that they can get money from the other insurance company in the even their car is damaged at the fault of the other party involved. You may well find that it is difficult to sell your car, especially to a dealership, even after you have the damage professionally repaired.
The dealership and many individual buyers will want to know the vehicle identification number so that they can look up whether the vehicle has been in an accident. They can tell the extent of the damage and the repairs that were made to it. This will be a turn-off to many buyers, especially dealerships who will likely say that they will be unable to sell your vehicle either as a certified pre-owned vehicle or as a used vehicle. This limits your options as to who is willing to buy your car.
If you decide to keep driving it after it is repaired, it makes sense to get some quotes for an auto insurance policy that provides less coverage. That will save you some money in premiums over time.
Call us to get a professional diminished value appraisal Rhode Island done today.