AI Overview
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The term “Auto Diminished Value” means that cars which were damaged and subsequently repaired lose market value as a result of having a repair history, sometimes known as a “Bad CARFAX.” In most states, this lost amount is recoverable from insurance companies of at-fault parties. The amount of diminished value is determined by the damages that were repaired and the vehicle itself.
Best rule of thumb #1 for choosing an independent appraiser is to make sure they don’t also work for insurance companies.
Best rule of thumb #2 for choosing an independent appraiser is to make sure they will act as your advocate when necessary during the course of the insurance claim.
Best rule of thumb #3 for choosing an independent appraiser is find one that does real-world research that can’t be disputed by insurers or in court. In addition to their own opinion of DV, the unbiased opinions of at least six new car dealers to support the appraiser’s estimation.
Basic FYI #1 a minor to moderate repair will typically cause a vehicle to lose 10%-15% of it’s pre-accident fair market value. Structural or airbags will be 30%-50% in value gone.
Basic FYI #2 All states are basically the same when it comes to eligibility. Accident must be someone else’s fault (except in GA * Note: in some states insurance companies have paid DV to their own policyholders), minor damage OK, previous incidents OK, leased cars generally not considered. There is existing case law in New York, Michigan and perhaps in Massachusetts (they can’t seem to make up their minds) that makes collecting for DV more difficult.
Basic FYI #3 expect a denial or lowball offer from the insurance company even if you have that ideal appraisal described above. After some back and forth correspondences, a three-way conversation between you, an insurance supervisor and your appraiser, insurance dept. complaints if warranted, letters to CEOs – we don’t fool around, nor should you – fair settlements are the rule rather than the exception.
Basic FYI #4 If there appear to be insurmountable obstacles to receiving fair treatment from the claims people, the option to sue the responsible party is always available. Taking this route may not always be advisable. Is your evidence based on a short-cut methodology such as a formula, algorithm, book value or online ad comparison or real-world research? The insurance defense attorneys recognize what is probative and what is likely to fail in court (they should, anyway) so without solid evidence litigation may not be advisable. If your evidence is credible, however, those same attorneys will kick it back to claims with the recommendation that they settle with you. Most DV cases that lose in court are built on shaky platforms. Going the litigation route seems to be your only option but not if the appraisal is based on an invalid or difficult to understand methodology (formulas, algorithms, book value condition differences, online ad comparisons or other short-cuts).
READ CUSTOMER REVIEWS OF THE ST. LUCIE APPRAISAL COMPANY
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.
Tesla and other exotic car owners please call for rates.
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