10/7/2013 · However, our BMW has also experienced the front-end accident that cost $6,000.00 in repairs. And that event triggers KBB’s doctrine of Diminished Auto Value as it applies to our ultimate resale value. Based on this secondary metric our BMW is now worth $28,930.00, since the accident equals further reduced value.
5/2/2017 · After the formula was used in this particular case, it quickly became the industry standard diminished value formula for insurance companies. The 17c formula is as follows: Base Loss of Value (which is calculated at 10% of the current Kelley Blue Book value) X Damage Modifier X Mileage Modifier = Diminished Value.
Diminished value is the loss of value of your car due to the fact it has been involved in a car accident, and doesn’t include the costs of repairs at the body shop. Even at fault drivers can get a diminished value claim, although it may be more difficult to get.
10/28/2015 · Why Your Car May Not be Worth the Full Kelley Blue Book Value October 28, 2015 If you’re still using the full Kelley Blue Book values to price your vehicle after a car accident, you’re probably missing the diminished value impact on your car’s value after it’s been in an accident.
4/8/2016 · Method 2 of 2: Calculate Actual Diminished Value . Step 1: Calculate the value of your car before it was damaged. Again, use the calculator on the NADA or Kelley Blue Book site to estimate the value of your car before it was damaged. Step 2: Calculate the value of your car after it was damaged. Some law firms multiply the “Blue Book” value …
Even if the site that is giving you a diminished value caculated estimate isn’t controlled by the insurance industry, it’s still likely you are getting an inaccurate figure derived from a simple formula based on Kelley Blue Book adjusted for rough damage estimates. Good.
Find out what your car is worth at KBB.com , the Trusted Resource for used car values. Get the Kelley Blue Book Value for your used car or trade-in vehicle, find tools to help you with buying or …
Calculating Diminished Value (17c Formula) Most insurance companies adopt the 17c formula to calculate diminished value . This was a temporarily approved formula in the case of State Farm v. Mabry, et al.. The 17c formula minimizes diminished value amounts and favors insurance companies.
A diminished value claim is intended to make up the difference between the car’s value before the accident and its lesser value after the repairs have been made. Depending on the circumstances, you may be able to file a diminished value claim to help you recover your car’s loss in value so you’re made whole after the accident.
7/24/2013 · Diminished value is an insurance concept that was developed initially to estimate the loss of value of an auto following an accident. Even if your car displays no obvious damages it may still experience inherent diminished value since you may have a legal obligation to disclose to any potential purchaser of the vehicle that it has previously been involved in an accident.
