This tool helps you calculate the diminished value of your vehicle after an accident.
How to Use the State Farm Diminished Value Calculator
To use this calculator, follow these simple steps:
- Enter the market value of your vehicle before the damage occurred.
- Enter the cost to repair the damage.
- Enter the mileage of your vehicle.
- Click the “Calculate” button.
- The diminished value of your vehicle will be displayed in the result field.
How the Calculator Works
The calculator uses the following method to determine the diminished value of your vehicle:
- It calculates 10% of the market value of the vehicle as a base loss figure.
- If the base loss figure is greater than the repair cost, it uses the repair cost as the base loss figure.
- It applies a mileage adjuster based on the mileage input (see adjuster values below):
- 0-20,000 miles: 20% increase
- 20,000-40,000 miles: 15% increase
- 40,000-60,000 miles: 10% increase
- 60,000-80,000 miles: 5% increase
- 80,000+ miles: no adjustment
- The diminished value is then calculated by subtracting the mileage adjuster from the base loss figure.
Calculator Limitations
Please note that this calculator provides an estimate and may not reflect the actual diminished value used by State Farm or other insurance companies. Actual diminished value may vary based on additional factors such as vehicle age, make and model, and severity of damage.
Use Cases for This Calculator
Calculating Diminished Value for Your Vehicle
Enter the make, model, year, and mileage of your vehicle to obtain an accurate calculation of its diminished value after being involved in an accident.
Comparing Diminished Value for Different Scenarios
Input data for multiple scenarios to compare the diminished value of your vehicle based on various accident factors such as fault determination and repair quality.
Estimating Diminished Value Based on Repair History
Input information about the repair history of your vehicle post-accident to predict the diminished value considering the extent and quality of repairs done.
Calculating Potential Loss in Resale Value
Enter the current market value of your vehicle to determine the potential loss in resale value due to the accident, helping you make informed decisions.
Exploring Different Insurance Payout Scenarios
Adjust the insurance payout amount on the calculator to see how it impacts the diminished value amount, aiding you in understanding your potential compensation.
Understanding State-Specific Diminished Value Regulations
Learn about the specific laws and regulations in your state regarding diminished value claims and how they can influence the calculation results.
Consulting with an Expert for Accurate Diminished Value Assessment
Use the calculator to get an initial estimate of the diminished value and seek further assistance from a professional for a more detailed evaluation and advice.
Calculating Diminished Value for Classic or Luxury Vehicles
Input the unique features and characteristics of your classic or luxury vehicle to get a customized calculation of its diminished value, tailored to its rarity and market demand.
Projecting Future Depreciation Based on Diminished Value
Utilize the results from the calculator to predict the future depreciation rate of your vehicle, considering the impact of the diminished value on its overall market worth.
Factoring in Accident Severity for Diminished Value Assessment
Input data on the severity of the accident, including structural damage and safety concerns, to accurately assess the diminished value, reflecting the extent of the incident’s impact on your vehicle.