4 Common Questions about a Diminished Value Appraisal Maine

Last Updated on March 9, 2024 by Jawad Ali

You already know that diminished value refers to the difference between what a vehicle was worth prior to an accident and the worth after all the damage is repaired. What you may not know is that you can file a claim with the insurance company and receive some compensation for that lost value. One of the ways to increase the odds of being able to do so is arranging for a diminished value appraisal Maine by a certified professional. Here are some of the more common questions people ask about the appraisal and why it matters.

Does the Appraiser Have to be Certified?

It’s in your best interests to hire an appraiser who is fully certified. A key reason has to do with how much credence the at-fault insurance company will give to the appraisal. When the appraiser’s credentials are established and easy for the insurance provider to verify, there is likely to be less questioning of the results.

Another reason to go with a certified appraiser is the level of expertise that must be present in order to obtain the certification. This is important, since the last thing you want is for some important aspect to be overlooked. With a certified professional, you are likely to receive a more comprehensive evaluation, which results in a detailed appraisal.

Do You Have the Right To Choose Your Own Appraiser?

Some people are under the impression that you must use an appraiser who is recommended by the at-fault insurance company. That is not the case. While you are free to choose from those recommendations if one of them seems like a good fit to you, the option of finding one on your own is always present.

As long as the appraiser you choose has the right credentials and has an established reputation for honesty and integrity, there should not be any issues with the insurance company. The appraiser will know how to work with the company to ensure that all the details about the appraisal, including the difference in market value before and after the repairs, are clear and concise.

How Long Will It Take to Get the Appraisal Results?

Getting the results of the diminished value appraisal Maine can vary, depending on the individual circumstances related to the vehicle. In general, it’s a good idea to not assume that the appraisal and the finished report will be available in a single business day. A better projection is to allow two to three business days for the process to complete.

This is because an appraisal of this type will likely involve looking beyond the apparent damage and checking for issues that are not as easy to detect. That’s to your advantage, since the goal is to arrive at a correct assessment of the damage, and its impact on the car’s value.

Will I Need Legal Assistance As Well As An Appraisal?

In most instances, you will not need any type of legal representation in order to present the diminished value claim or the documentation that goes with it. The documentation usually includes a breakdown of what was repaired, the costs for parts, and labor, and other basics. Finally, the appraisal is included as one of the supporting documents that you forward to the at-fault insurance provider.

In the event that the provider does reject the claim, you do have the option of hiring a lawyer and pursuing the matter. If this becomes necessary, the appraiser will be available to answer any questions related to the findings of the inspection and the appraisal itself.

If you want to seek diminished value after your car is repaired, an appraisal by a certified professional is the only real way to go. Call today and set up a date and time to take the car in. You may be able to recoup more of the loss than you had hoped.

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