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How To Calculate Diminished Value In Georgia. Submit your proof to the insurance company. There are four steps that auto insurance companies will follow.
Repair Estimate Upload Diminished Value Car Appraisals for from diminishedvalueofgeorgia.com
Apply a 10% cap to the value. Imagine you have a car with a market value of $10,000 with mild structural damage and 42,000 miles. You’ll need to submit a diminished value appraisal and demand letter.
Determine The Sales Value Of Your Car, Or The Amount That Nada Or Kelley Blue Book Determines Your Vehicle Is Worth.
10% of $13,000 is $1,300. To arrive at a final amount for a diminished value claim, first multiply the base value of loss by the damage multiplier. Our software was developed by some of our professionally certified vehicle appraisers with decades of experience in vehicle damage evaluation and value assessment.
So, Using The Example From Earlier, Let’s Say Your Car Was Worth $15,000 Before The Accident:
Submit your proof to the insurance company. This formula, which is known as 17c, is routinely used by georgia insurance companies to evaluate the diminished value of a car after an accident. This means the maximum amount your car can lose in value after being repaired is $1,300.
Calculate The Value Of Your Car After It Was Damaged.
There are multiple steps to this evaluation process. Using the the 17c method, your car has decreased in value by $520 or 7.7%. Let’s look at an example:
The 17C And Most Of The Related Formulas Calculate Diminished Value By Immediately Placing A 10% Cap On Your Claim.
17c formula example calculation for a $23,000 vehicle with 70,000 miles and moderate damage. Calculating the base value of your vehicle. Filing your georgia diminished value claim for you, along with a demand letter of all your.
Calculate The Value Of Your Car After It Was Damaged.
The above case was settled and the parties agreed to. Calculate the value of your car. Here’s how to calculate actual diminished value:
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