There is a new phenomenon in the automotive world and it is called Diminished Value. For those who haven’t heard this term, it means the loss in value a vehicle experiences after undergoing collision repairs. The Alfa-Romeo, being a car that attracts more discriminating buyers, suffers a great deal more diminished value than an ordinary car. Used car buyers simply won’t pay as much for a previously wrecked car so dealers, in turn, have to offer less come trade-in time. Alfa-Romeo owners are typically upscale folks who expect a first-class level of service. Those expectations extend to the treatment they receive from insurance companies after their cars are wrecked by the negligence of others. Seeking fair compensation for diminished value and loss of use is part of it. You need an expert appraiser. At The St. Lucie Appraisal Company, Alfa-Romeo Diminished Value and Loss of Use claims are our specialty.
Insurance Company defense attorneys can instantly recognize which independent appraisals will stand up in court and advise their adjusters accordingly when it comes to offering fair settlements. We are rarely called upon to appear as expert witnesses in legal proceedings because our customers generally receive fair settlements that preclude taking civil actions. Alfa-Romeo diminished value and loss of use claims should present no problems if appraisals are prepared correctly.
Getting back to Alfa-Romeo and the difficulty obtaining proper diminished value information for the owners of these cars. When we receive an assignment to prepare a diminished value appraisal for a BMW, Mercedes-Benz or Porsche, there is a nationwide network of dealers from whom we can obtain opinions. Not so with Alfa-Romeo. Dealers are few and far between. Therefore, obtaining the six verifiable quotes from Alfa-Romeo dealers that we feel are necessary to populate an irrefutable diminished value report is difficult.
ALFA-ROMEO DIMINISHED VALUE AND LOSS OF USE CLAIMS
So where does this leave the Alfa-Romeo owner when it comes to receiving fair compensation for Diminished Value and Loss of Use? The independent appraisers that use formulas and algorithms arrive at numbers that don’t remotely represent the Alfa-Romeo used car market. As for the independent appraisers that use automobile auction results, they are completely out of luck since so few Alfa-Romeos are put up for auction.
The St. Lucie Appraisal Company, despite being a small fish in the big pond of independent automobile diminished value appraisers, has gained the lion’s share of diminished value and loss of use requests from Alfa-Romeo owners due chiefly to word of mouth. It has been not only Alfa-Romeo owners but also the certified Alfa-Romeo repair shop managers who have sent their customers, friends and families to us.
Finally, with regard to Loss of Use claims, it costs $500 per day to rent a Dream Car such as the Tesla S from one of the Hertz locations in California. Anywhere else in the US, you can rent a marginally comparable car, a Porsche Panamera for $350 per day. Why do insurance companies feel that they can get away with offering lower-priced replacement vehicles to Alfa-Romeo owners? It is common knowledge that a wrecked Alfa-Romeo can take up to 60 days to repair. A typical Loss of Use report for a Alfa-Romeo owner whose car is laid up for two months is in excess of $25,000.00 which includes the Daily Collision Damage Waiver. Of special note: It is not necessary to actually rent a car in order to receive compensation for Loss of Use.