EFFECTIVENESS OF COMMONLY-USED DIMINISHED VALUE METHODOLOGIES

There are numerous methodologies being used to determine a vehicle’s diminished value following a car accident. Many of them represent shortcuts to the real-world approach of querying new car dealers to support an opinion.

Which methodology works best to convince insurance companies that, when push comes to shove, they would lose in court? Most diminished value claims are settled at the claims level but presenting overwhelming evidence to prove the amount of lost value is of paramount importance. It stands to reason that insurance claim supervisors should have the intelligence and experience to determine which diminished value appraisals would stand up in court and which would not convince a judge or jury. Regardless, insurance companies rely on the fact that most car owners will tend to walk away with little or nothing in compensation rather than consider litigation.

EFFECTIVENESS OF DIMINISHED VALUE METHODOLOGIES

Appraiser + 6 Dealer Opinions is considered the most effective, at 50%.

Formulas & Algorithms, Book Value Comparisons, and Online Asking Price Differences are each significantly less effective, at 15–20%.

The methodologies examined by the AI computer were based on consumer comments that were found online regarding diminished value and which resulted in fair settlements.

The methodology used by The St. Lucie Appraisal Company – supporting our opinions by querying six new car dealers – proved the most effective. Other methodologies such as the use of formulas, algorithms, online ad comparisons and book value condition differences fared far worse.

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Baker Arena

After my truck was totaled, my insurer’s offer came in well below what the vehicle was worth, based on a valuation report nobody would explain. I hired Franklin Colletta at St. Lucie Appraisal, and it was the right call. His appraisal was thorough and well documented. More importantly, he handled the negotiation with the carrier’s appraiser himself engaged on the substance, worked the comparables line by line, and pushed back where the other side’s report contradicted itself. He was responsive throughout, kept me in the loop, and when I sent him documentation he actually read it and used what held up. We resolved it without needing an umpire. One note: getting the completed report in hand took longer than I’d initially expected, and I’d recommend confirming the timeline up front if you’re working against a deadline. It didn’t affect the outcome, but it’s worth knowing. If you’re facing a total loss offer that doesn’t reflect what your vehicle was actually worth, hiring an independent appraiser is worth it, and Franklin is a good one.

Ghulam Murtaza

Our insurance company tried to give us a ridiculous number for our vehicle. Frank was able to get a huge bump and help us settle for what the car was actually worth. Would highly recommend anyone dealing with the same situation to reach out!

Goober Barzeski

We found St. Lucie Appraisal through ChatGPT which highly recommended them. Lucky we use AI to educate ourselves because we were getting the business from our insurance company. St. Lucie represented us in appraisal clause negotiations and helped us to get $3K+ more than we were originally offered.

Max

Highly recommend St. Lucie Appraisal Co. Franklin was able to get me over $10,000 more for my stolen car than what the insurance company originally offered. Communication throughout the process was excellent. Great ROI.

Sonique Sanasarian

From the very first conversation that I had with Franklin at St Lucie Appraisal, I was extremely impressed with his professionalism, patience, and knowledge. When I had questions, Franklin quickly answered emails and answered phone calls. I highly recommend this company.

Gabriella Digiovacchino

I cannot recommend Franklin Colletta/St. Lucie Appraisal Company highly enough. From the very beginning, Franklin was incredibly knowledgeable, professional and responsive throughout my diminished value claim. He took the time to thoroughly explain the appraisal process, answered all of my questions and provided a detailed, well-supported diminished value report that gave me confidence moving forward. When my case went to small claims court, Franklin made himself available to testify as an expert witness. His testimony was clear, professional and backed by his experience, which helped explain the impact the accident had on my vehicle's value. Having an expert who was willing to stand behind his appraisal in court made a tremendous difference. Progressive originally offered me $1,750 even after Franklin's estimate of $10,000 in DV. They increased their offer to $2,500 after I filed in court and Franklin's testimony increased it even further... I walked away with $5,700 after judgement! If you're dealing with an insurance company that is undervaluing your diminished value claim, I highly recommend reaching out to Franklin and St. Lucie Appraisal Company. Their expertise, professionalism and dedication to their clients are truly outstanding. Thank you again, Franklin, for all of your help!

HiAuthority

Franklin helped me through the entire process in dealing with the insurance company. They started with a $3,000.00 dollar offer for my diminished value and with St Lucie Appraisal's report and knowledge, I was able to get policy limit of $16,595.00. Thank you Franklin and your team.

Gayle Fearday

I cannot recommend St. Lucie Appraisal highly enough! After my vehicle was declared a total loss, I was frustrated with the insurance company’s initial valuation. St. Lucie Appraisal (Frank)stepped in and thoroughly researched the true market value of my vehicle. Their expertise, professionalism, and attention to detail made all the difference. They handled the process efficiently, communicated clearly every step of the way, and ultimately helped me receive top dollar for my total loss claim—far more than I expected from the original offer. If you’re facing a total loss situation and want someone in your corner who truly knows how to maximize your vehicle’s value, St. Lucie Appraisal is worth every penny. Outstanding service and results! Thank you for helping turn a stressful situation into a successful outcome!