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17c Formula:
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The 17c formula is a standard method used by insurance companies to calculate diminished value after a car accident. It estimates the reduction in a vehicle's market value due to its accident history, even after proper repairs have been made.
The calculator uses the 17c formula:
Where:
Explanation: The formula starts with 10% of the vehicle's value, then applies multipliers based on damage severity and vehicle mileage to determine the final diminished value.
Details: Calculating diminished value is important for insurance claims and when selling a vehicle that has been in an accident. It helps determine the fair compensation for the loss in value and provides transparency in vehicle transactions.
Tips: Enter the pre-accident market value of your vehicle in dollars, select the appropriate damage multiplier based on the severity of the accident damage, and choose the mileage multiplier that matches your vehicle's mileage. All values must be valid (value > 0).
Q1: What is diminished value?
A: Diminished value is the reduction in a vehicle's market value that occurs after it has been in an accident, even after it has been fully repaired.
Q2: Is the 17c formula used by all insurance companies?
A: The 17c formula is a commonly used method, but some insurance companies may use different calculations. It's always best to check with your specific insurer.
Q3: Can I claim diminished value from my insurance?
A: This depends on your insurance policy and state laws. Some policies and states allow for diminished value claims, while others do not.
Q4: How accurate is the 17c formula?
A: The 17c formula provides a standardized estimate, but actual diminished value can vary based on market conditions, vehicle make/model, and repair quality.
Q5: Should I get a professional appraisal?
A: For significant claims or disputes, a professional appraisal may provide a more accurate assessment of your vehicle's diminished value.