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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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!

Vinu Kurian

Franklin and his team are a great advocate to get the comparable price on the total loss of the vehicle. He was instrumental in sorting out this for me.

Rosie Wilkins

I am thankful for all the steady support and final evaluation on my vehicle value, Frank Colletta and his professional team of St Lucie auto appraisal, he was able to challenge State Farm Third appraiser with a higher estimate on my car Value which granted me a higher pay out than the insurance first offer ; he stay steady and commited to excel everyone’s expectation please do not hesitate in reaching out St. Lucy Auto Appraisal I trusted his voice and expertise and gave me an excellent final settlement . They know their job and are willing to fight for your best interest. Thank you Frank you are so appreciated by many !!! Happy to give you my 5 stars plus !!!!

Jade Gouris

Do yourself a favor and call Frank at The St. Lucie Appraisal Company!!! After my RAV4 Hybrid was declared a total loss, the at-fault driver's insurance company offered me only $15,012. I spent considerable time negotiating on my own and provided evidence that my vehicle was worth more, but they refused to adjust their valuation. Then switched the claim to my own insurance company, hoping for a better outcome – they offered an increase to the settlement of $302. At that point, I was frustrated and decided to invoke the appraisal clause. Hiring Frank at The St. Lucie Appraisal Company was the best decisions I made throughout this entire process!!! Frank got the final settlement increased by $3,856.35!!!

John Bizon

Used St. Lucie Appraisal Company to dispute a total loss settlement. Franklin represented me through the formal appraisal clause process and secured a significantly better outcome than the insurance company's initial offer. He knows the process and handled it professionally. Would use again if needed. Hopefully won't need it though!

Anna Alekseeva

I had a great experience working with this company. They were professional, responsive, and very helpful throughout the entire appraisal process. They explained everything clearly, kept me updated, and truly made a stressful situation much easier. I really appreciate his time, honesty, and support. Highly recommend!