Diminution of Value
Our engineers consider the level, extent and magnitude of damage and its effect on the value of the vehicle post repair.
Diminution in value can occur when a vehicle has been involved in an accident and consequently repaired, particularly if repairs were reasonably extensive, involving parts of the body-shell or chassis, and/or significant paintwork. If the insured subsequently attempts to part exchange or sell the vehicle, it is unlikely that a potential purchaser will pay the same as an identical model with an unblemished history. Dealers will often reduce their offers on damaged vehicles, and it is not unusual to see them refuse to take such a vehicle, particularly if the damage was extensive.
We examine the vehicle and consider the type, extent and cost of repairs, together with the vehicles market desirability, value and age and provide an opinion on the likely percentage drop in value.
Our diminution of value package includes:
- Travel to and from the vehicle location anywhere within the mainland UK within 24-48 hours
- Physical forensic examination by a qualified engineer
- Comprehensive full colour report including vehicle specification
- Glass’s Guide evaluation of the vehicle
- Investigation into the effects of the repairs and subsequent effect of the pre-accident value
- CPR compliant report
- Online portal for tracking the status of the report
For Defendants and Insurers we scrutinize any claims for the purposes of counter-diminution to examine whether there would have been any loss of value, and if not we will advise refuting the claim and the reasons why. If there is a genuine loss then we will assess whether the quantum is appropriate. Counter-diminution reports normally take 24 hours to compile after inspection. They can also be carried out as a desktop report where required (e.g. if the vehicle has since been written off or stolen)
Diminution is not limited to high value prestige vehicles and providing the vehicle is relatively new (typically up to 4 years old) and has sustained enough damage (typically over £2500 worth) then diminution will be an applicable factor for any vehicle.
Our engineers will examine the repaired or damaged vehicle anywhere in the UK, normally the following day, but within 48 hours of instruction. They will then consider the damage and the vehicle and provide a comprehensive report which complies with current Civil Procedure Rules, so can be used as an Expert Witness document in Court proceedings.