Third-party claims for the inherent diminished value of vehicles after accident repairs – If we aren’t shaping the narrative we are being shaped by it. Do not allow insurance companies to normalize denials and lowball offers for diminished value claims. Insurers have strategized ways to avoid paying. Instead of demonstrating the cornerstones of professional ethics like integrity, objectivity, and a fundamental commitment to truth, they have chosen to be arbitrary and insincere. For you, the car owners, the consequences of their misinformation are real – devaluation without compensation.
Compounding the problem is the weakness of regulatory agencies – What rules are in place to mitigate the misinformation and other mistreatment of claimants?
At The St. Lucie Appraisal Company, we advocate a transparent program to equitably settle diminished value claims. Our database (archive) contains a compendious study of diminished value in motor vehicles. We then confirm our own estimations by querying multiple new car dealers who provide their unbiased opinions. Our credentials are certified – we are licensed appraisers and adjusters – and we use a court-approved methodology. These insights are proprietary to our program and require a lot of research on the backend to yield a consistently reliable data set. Insurers that have challenged our evidence have had little success.
Fair settlements alone are not reason enough to assert the validity of our methodology. We also judge the legitimacy by decisions rendered in courts of law. Overwhelming evidence provides you with a baseline level of protection.
Conversely, formulas and algorithms – used by most independent appraisers working for insurance companies as well as for vehicle owners – are also proprietary but the decisions they make are largely opaque. In courts of law, many magistrates find them incomprehensible. The appraiser can alter the neutrality of the algorithm to suit the client’s needs. Anyone can put together some numbers to reach a conclusion, but that is not science. Scientific research requires in-depth investigations. And there’s currently no way to enforce standards for how formulas and algorithms are used by appraisers.
Other simplifications used to assess diminished value are comparisons of online asking prices (arbitrary) and condition differences in automobile guidebooks. These short-cut practices do not represent what takes place in the real world when you go to sell or trade your car.
You must judge which approach is the most reliable. Most importantly, assert your right to be compensated for your car’s diminished value and, with the help of your appraiser/advocate, do not give in to insurance company bullying and deception.
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Then click on the payment button above to pay by Credit Card or Paypal. The fee for an Automobile Diminished Value Report is
$275.00. You may also make your Credit Card Payment by telephone, call 772-359-4300.
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