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 Cadillac, 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. Cadillac 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, Cadillac Diminished Value and Loss of Use claims are our specialty.
How to Determine Cadillac Diminished Value and Loss of Use
Our methodology for preparing automobile diminished value appraisals is unique within the industry because we don’t rely on formulas, algorithms, auto auction results or other short cuts to determine the amount of value lost after collision repairs. Each situation is unique and the only way to provide tailor-made reports is to query the people who actually do the buying and selling of these bad Carfax vehicles – Cadillac dealers. It is important, of course, that the dealers who participate in our surveys know full well that the subject vehicles are not for sale or available for trade. This prevents insurance companies from alleging collusion or vested interest. This approach has made our company the best at what we do – Diminished Value and Loss of Use appraisals. Magistrates and mediators alike have recognized the validity of our reports because they are both comprehensive and uncomplicated.
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. Cadillac diminished value and loss of use claims should present no problems if appraisals are prepared correctly.
When we receive an assignment to prepare a diminished value appraisal for a Cadillac, there is a nationwide network of dealers from whom we can obtain opinions. Obtaining six verifiable quotes from Cadillac dealers in your geographic area is something that we feel is necessary to populate an irrefutable diminished value report.
The independent appraisers that use formulas and algorithms arrive at numbers that don’t accurately represent the Cadillac used car market. As for the independent appraisers that use automobile auction results, insurers will argue that they are too generic to apply to your particular car and the damages that were repaired.
The St. Lucie Appraisal Company, despite being a small fish in the big pond of independent automobile diminished value appraisers, has gained more than our share of diminished value and loss of use requests from Cadillac owners due chiefly to word of mouth. It has been not only Cadillac owners but also the certified Cadillac repair shop managers who have sent their customers, friends and families to us.
Finally, with regard to Loss of Use claims, it costs $200 per day to rent an autombile such as the Cadillac Escalade from Hertz Dream Cars and other high-end vendors. Insurance companies feel that they can get away with offering lower-priced replacement vehicles to Cadillac owners. It is common knowledge that a wrecked Cadillac can take up to 60 days to repair. A typical Loss of Use appraisal for a Cadillac owner whose car is laid up for two months is in excess of $10,000.00 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.
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