There are many different ways that have been used to determine the amount of value that a vehicle has lost because of an accident. Many diminished value experts formulate their opinions based on what comparable vehicles are selling for in the marketplace. Some experts rely on the research performed by popular vehicle valuation companies such as Kelly Blue Book. And some so-called experts have developed calculators to determine diminished value. Even some courts have applied specific formulas to determine diminished value for their cases. However, there is not one specific method, formula or calculation that has been created, accepted and/or used by all experts, courts, insurance companies or automotive industry insiders. The truth is that calculating diminished value is not an exact science and different people using different methods will come up with different results.
Unfortunately, insurance companies will pick apart any method that they are presented with and will frequently deny claims on the basis that the chosen method is not sufficient. Lawsuits may also be lost or dismissed by the court if the wrong method is used. For these reasons, it is important to be represented by an experienced diminished value attorney who is familiar with the various methods of determining diminished value and who is aware of the strengths and weaknesses of each of them. At The Collision Law Center, we have access to reliable databases, we have extensively researched the law pertaining to diminished value and we rely on the opinions of highly trained expert witnesses. For these reasons, we are confident that the methods we use to present our diminished value claims are legally sound and will allow us to prevail on our claims.