Accurate DIV provides reports to commercial or bulk users such as Lenders, Insurance Companies, Independent Appraisers and Fleet companies.
The required minimum information would include the final repair estimate, the vehicle vin#, Accident Date, vehicle mileage, and location of vehicle ownership. There is no mandated process or formula established for determining diminished value, however, there are recommended supported processes and they should all be based on objective data and not based on any subjective opinions.
There are several ways a vehicle can lose value. Inherent Diminished Value is the potential loss in value to a vehicle that has been fully repaired back to pre-accident condition and now has a history of an accident on their vehicle history report.
Accurate DIV follows the recommended uniform standards of professional appraisal practices (USPAP) guidelines. We first determine the Pre-Accident Retail Value, then conduct a search for comparable vehicles sold in the used car market with accident history (Post-Loss value). Once we have those values, we perform a comprehensive damage analysis of the repairs. The difference in the Pre-Loss and final damage adjusted Post-Loss value is the suggested potential diminished value, if any.
Even though there is no specific requirement to be certified or licensed to provide a diminished value report to any of our customers, Accurate DIV has been accepted as experts in the industry by many courts around the country.
For more information and a quote, please contact us.