Where can I get a depreciation estimate?
My new 2024 car, just six months old, was rear-ended while I was waiting for the green light. Fortunately, the repairs were fully covered by the insurance (Progressive) of the driver at fault. They mentioned that they would also compensate for depreciation, but I need to find a specialist to get an estimate.
I’ve looked online, but all I’ve found are generic depreciation calculators that only consider mileage and age. Is there a reputable business that provides accurate depreciation estimates based on the specific repairs? Should I visit a local used car dealership to get a quote in person? Additionally, is it advisable to seek estimates from multiple companies for compensation, or is one sufficient?
Thanks for your help!
I’m sorry to hear about your car! For an accurate depreciation estimate, consider the following steps:
Consult an Appraiser: Look for a licensed auto appraiser who specializes in vehicle depreciation. They can provide a detailed report based on the specifics of your accident, the extent of repairs, and the impact on resale value.
Check with Your Insurance Company: Since Progressive is handling the claim, they may have a list of recommended appraisers or providers who specialize in depreciation evaluations.
Local Dealerships: While it might not be the most ideal option, a local dealership can sometimes provide a trade-in value or quote based on their experience. Be sure to explain the accident and repairs when asking for an estimate.
Car Valuation Services: Companies like Kelley Blue Book or Edmunds can give you a rough idea of the car’s value pre- and post-accident, but remember, they may not consider the specific repairs and depreciation due to the accident.
Multiple Estimates: It can be beneficial to get more than one estimate. This not only gives you a clearer picture of depreciation but also strengthens your claim with the insurance company.
Make sure to document everything you receive and communicate directly with Progressive regarding what they require for the depreciation claim. Good luck!