Tag: Illinois

ARTICLE: HOW AND WHEN TO APPLY FOR A DIMINISHED VALUE CLAIM

November 12, 2023November 9, 2023 by stlucieappraisal

St. Lucie Appraisal, automobile, personal property, diminished value, appraiser

We recently had the pleasure of weighing in on a topic of great importance to anyone who owns a late-model car – the loss in value of your vehicle after accident repairs have been completed. It is known as auto diminished value and is the insurance industry’s most closely-guarded secret. Chicago Tribune Reporter Cathy Cunningham called with questions on the subject to which we were more than happy to respond. Read the abridged article below and feel free to call us should you, a family member or a friend find yourselves in what can turn out to be a difficult situation.

November 20, 2017
By Cathy Cunningham

Dear Help Squad,
I would like to file a diminished value claim in Illinois. 
My wife was involved in a car accident and it was not her fault. 
Could you tell me what I should do if I want to file it myself without hiring a lawyer?
Thank you,
Vladica

Since writing a column on the topic in early 2016, I’ve learned that diminished value is a frequently searched issue. So Vladica’s request for assistance offered the perfect opportunity to provide a deeper dive into the subject. For this I turned to an industry expert, Franklin Colletta, owner of The St. Lucie Appraisal Company in Fort Pierce, Florida, an auto appraisal business that specializes in assisting consumers with diminished value claims and services customers across the U.S.

Let’s begin with a basic definition. Just what is diminished value?

“Diminished value is the difference in the value of your car directly before and directly after collision repairs have been completed,” Colletta explains. He points out that once a car has been in an accident and repaired, it has a negative vehicle history report (such as through Carfax) associated with it. “Because car buyers almost always prefer to purchase cars that haven’t been in accidents, a vehicle with an accompanying damage history becomes less valuable.”

“If there was frame damage or air bag deployment [as a result of the accident] the car is worth a lot less,” he adds.

In Illinois, as well as in all 50 states, consumers can only file for diminished value as a third-party claim, meaning these claims must be filed against the insurance company of the person responsible for the damage. They cannot be filed with one’s own insurance provider (aka a first-party claim).

“This is important to know,” said Colletta, “because many insurance companies will try to say that Illinois case law prohibits diminished value claims. While that may be true for first-party claims, there is no case law that addresses third-party claims. Diminished value claims are covered under the property damage portion of the at-fault driver’s automobile insurance policy.”

Colletta emphasized it is not necessary to hire a lawyer to file a diminished value claim.

The claimant will then receive a response. This will either be payment in full, an attempt to negotiate a lower payout or a denial. When denied, the reason given is typically one of the following: the documentation is deemed faulty, other “evidence” is offered to suggest the loss is much lower, the insurance company hires its own “independent appraiser” to determine there is no loss, or, in some cases, the claim is unfairly denied because the damage has been properly repaired.

When I asked if there was a minimum threshold for filing a diminished value claim, Colletta explained all vehicles damaged as a result of someone else’s negligence are eligible.

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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.

After making your secure payment please email the body shop estimate or insurance company appraisal to contact@autodiminishedvalue.com TESLA AND OTHER EXOTIC CAR OWNERS PLEASE CALL FOR RATES.

Adams, Alexander, Bond, Boone, Brown, Bureau, Calhoun, Carroll, Cass, Champaign, Christian, Clark, Clay, Clinton, Coles, Cook, Crawford, Cumberland, DeKalb, DeWitt, Douglas, DuPage, Edgar, Edwards, Effingham, Fayette, Ford, Franklin, Fulton, Gallatin, Greene, Grundy, Hamilton, Hancock, Hardin, Henderson, Henry, Iroquois, Jackson, Jasper, Jefferson, Jersey, Jo Daviess, Johnson, Kane, Kankakee, Kendall, Knox, La Salle, Lake, Lawrence, Lee, Livingston, Logan, McDonough, McHenry, McLean, Macon, Macoupin, Madison, Marion, Marshall, Mason, Massac, Menard, Mercer, Monroe, Montgomery, Morgan, Moultrie, Ogle, Peoria, Perry, Piatt, Pike, Pope, Pulaski, Putnam, Randolph, Richland, Rock Island, Saline, Sangamon, Schuyler, Scott, Shelby, St.Clair, Stark, Stephenson, Tazewell, Union, Vermilion, Wabash, Warren, Washington, Wayne, White, Whiteside, Will, Williamson, Winnebago and Woodford Counties

This is an Open Education resource focused on auto diminished value, collective knowledge and the sharing of scholarly content.AUTODIMINISHEDVALUE.COM and TOTALLOSSDISPUTE.COM are services of The St. Lucie Appraisal Company
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Subaru Diminished Value Claim in Downers Grove, Illinois

November 12, 2023November 2, 2023 by stlucieappraisal

St. Lucie Automobile and Diminished Value Appraiser

Each week we report on the most interesting and informative articles concerning auto diminished value claims. Regarding our diminished value appraisal of a Subaru Outback Wagon with 12,000 miles that was involved in a Front-End Collision that caused $15,274.36 in damage. The car was disabled/towed, had structural damage and air bag deployment. The claimant hired an independent auto appraiser and made a third-party inherent auto diminished value claim for the vehicle’s loss in value. Once a car is repaired after a collision, it is worth less, often much less depending on the severity of the damage. Regardless of how well the repairer did his job, nobody will pay as much for a previously wrecked car as they would for an identical one that was never in an accident. Presenting a diminished value claim and following it through to a satisfactory conclusion is a daunting task for the average person. Obtaining a comprehensive Diminished Value Report is key.
WE DON’T USE FORMULAS, ALGORITHMS, AD COMPARISONS OR OTHER SHORT CUTS
SIX UNBIASED DEALER QUOTES IN EVERY APPRAISAL TO VALIDATE OUR RESEARCH
TELEPHONE CONSULTATIONS ALWAYS FREE-OF-CHARGE

We learned from these examples from sales managers at Subaru dealerships in Illinois – A sales manager explained that frame damage is a huge red flag 25%+ MINIMUM diminished value because of the frame damage and air bag deployment listed on Carfax. Another sales manager said that when and where you trade it in – if you trade it today you would lose somewhere around 30% typically but other dealerships may give you more of a hit – could be as high as 50% and another sales manager said that you can lose somewhere around 25%-30% minimum and that number could go much higher.

The opinions of unbiased experts form the basis for the most comprehensive Auto Diminished Value Appraisal available. We obtain six of them which absolutely puts the diminished value figure prepared by The St. Lucie Appraisal Company in the ballpark. This is what the car owner will experience in the real world.

Dealers providing opinions regarding diminished value were given information specific to this vehicle including year, make, model, mileage, color, options, any other pertinent equipment, date of loss as well as the nature of the repaired damages and the manner in which the vehicle was repaired. Dealer opinions are based on personal knowledge and access to auction results. Dealers were advised that this vehicle was properly repaired.

We contacted several Subaru dealers in Illinois to establish how these repairs and the resultant repair history would impact this vehicle’s Fair Market Value (FMV.) Dealers were provided with an evaluation of the vehicle’s condition both prior and subsequent to repairs.

Description of damage: Disabling collision damages to the Front including damage to structural components plus air bag deployment. Repair cost $15,274.36. LKQ (used) and/or aftermarket parts were not utilized in the repair/not factored in to the diminished value.

The average of six (6) deductions was 31.67%. This is the percentage of Diminished Value to be taken from the FMV at the time of loss.

We established that the above captioned vehicle had a Fair Market Value (Average Trade-In Value) of approximately $30,000.00 at the time of loss. The Diminished Value was $9,501.00

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After making your secure payment please email the body shop estimate or insurance company appraisal to contact@autodiminishedvalue.com TESLA AND OTHER EXOTIC CAR OWNERS PLEASE CALL FOR RATES.

Diminished Value Claim Chicago

November 12, 2023September 22, 2023 by stlucieappraisal

Each week we report on the most interesting and informative articles concerning auto diminished value claims. This took place in Chicago, Illinois. Regarding our diminished value appraisal of a Hyundai Sonata Sport with 10,750 miles that was involved in a Front End Collision that caused $12,153.44 in damage. The car was disabled/towed and had structural damage and no air bag deployment.The claimant hired an independent auto appraiser and made a third-party inherent auto diminished value claim for the vehicle’s loss in value. Once a car is repaired after a collision, it is worth less, often much less depending on the severity of the damage. Regardless of how well the repairer did his job, nobody will pay as much for a previously wrecked car as they would for an identical one that was never in an accident. Presenting a diminished value claim and following it through to a satisfactory conclusion is a daunting task for the average person. Obtaining a comprehensive Diminished Value Report is key.

WE DON’T USE FORMULAS, ALGORITHMS, AD COMPARISONS OR OTHER SHORT CUTS
SIX UNBIASED DEALER QUOTES IN EVERY APPRAISAL TO VALIDATE OUR RESEARCH
TELEPHONE CONSULTATIONS ALWAYS FREE-OF-CHARGE

We learned from these examples from sales managers at Hyundai dealerships in Illinois- A dealer will grudgingly take a structurally-damaged car in trade but it would bring more than 30% less in trade-in value. Also, that dealers might be likely to advise the vehicle owner to keep the car since it will take such a huge loss and also that a Hyundai with frame damage would go straight to auction after buying it from the vehicle owner for as little as half the value.

We contacted several Hyundai dealers in Illinois in order to establish how these repairs and the resultant repair history would impact this vehicle’s Fair Market Value (FMV.) Dealers were provided with an evaluation of the vehicle’s condition both prior and subsequent to repairs.

Description of damage: Disabling collision damages to the Front including damage to structural components and no air bag deployment. Repair cost $12,153.44. LKQ (used) and/or aftermarket parts were not utilized in the repair/not factored in to the diminished value.

The average of six (6) deductions was 34.58%. This is the percentage of Diminished Value to be taken from the FMV at the time of loss.

We established that the above captioned vehicle had a Fair Market Value (Average Trade-In Value) of approximately $17,500.00 at the time of loss. The Diminished Value was $6,051.50.

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QUESTIONS & ANSWERS ABOUT AUTOMOBILE DIMINISHED VALUE

After making your secure payment please email the body shop estimate or insurance company appraisal to contact@autodiminishedvalue.com TESLA AND OTHER EXOTIC CAR OWNERS PLEASE CALL FOR RATES.

Services available in Arlington Heights, Aurora, Bloomington, Bolingbrook, Champaign, Chicago, Cicero, Decatur, Des Plaines, Elgin, Evanston, Joliet, Naperville, Palatine, Peoria, Rockford, Schaumburg, Skokie, Springfield, Waukegan and throughout Illinois. auto appraiser near 60608, auto appraiser near 60617, auto appraiser near 60618, auto appraiser near 60623, auto appraiser near 60625, auto appraiser near 60629, auto appraiser near 60632, auto appraiser near 60634, auto appraiser near 60639, auto appraiser near 60647

ILLINOIS ANTIQUE CAR APPRAISER

May 14, 2023February 1, 2023 by stlucieappraisal

CHICAGO, Illinois – In Illinois, we have appraised almost every type of antique, classic and custom car. In addition, exotic cars such as Ferrari, Bentley and Tesla are here in abundance. When it comes time to appraise the value of your automobile, RV, motorcycle or heavy equipment for insurance, financing, diminished value or a charitable donation to a non-profit for a tax-deduction, The St. Lucie Appraisal Company is the company you want to call. Our experience appraising all types of motor vehicles provides car owners with the advantage of hiring someone who knows just how valuable old, well-kept cars can be. In addition, we keep an extensive library of past automotive sales that other appraisers can not match. We are an Illinois antique car appraiser you can count on.

Many companies providing financing or insurance for autos, trucks and heavy equipment have strict requirements regarding the appraisal of vehicles. A bank or credit union lending money toward the purchase of an antique car, dump truck or over the road tractor will ask for an inspection by a licensed appraiser before committing funds toward the purchase. Likewise, insurance underwriters look for documentation before providing coverage. Bankruptcies and loan defaults among owner-operators of trucks and construction equipment make lenders and insurers extremely selective about who they do business with. The St. Lucie Appraisal Company is a company that banks and insurers choose to provide valuation services.

Selecting a company to perform a car or truck appraisal is typically the job of the prospective buyer or policyholder. As absurd as it sounds, the typical commercial lender or insurance broker is clueless when it comes to finding a licensed independent appraiser. Often the vehicle owner is asked to locate an independent appraiser because banking and insurance managers don’t possess Rolodexes any more. When lenders or brokers do hire us, it is often as a result of a Google search. What the vehicle owner should know, however, is that once the appraisal is given to the bank or insurer, representatives from those institutions will then perform their due diligence and query the appraiser as to how he obtained his valuation figures.

After making certain that the independent appraiser is properly licensed, investigate for yourself their expertise and any reviews from past clients. When their appraisal is placed under the microscope of the insurer or lender, if their answers don’t meet the bank’s or insurance company’s criteria, you have wasted your money on a worthless document.

Call The St. Lucie Appraisal Company when only the best and most knowledgeable appraiser will do. Our service area includes Illinois as well as all 50 states Our appraisals are sought after for insurance, financing, donations for tax-deductions, diminished value, bankruptcies, divorces, insurance claim disputes, purchase & sales and estate dissolutions.

REQUEST AN AUTOMOBILE VALUATION APPRAISAL – $275.00 for most cars.

Please eMail photographs and other vehicle information to Email: contact@stlucieappraisal.net

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