Tag: inherent

There are three types of diminished value claims: inherent, repair-related, and insurance-related. The general consensus among insurance companies, vehicle owners, car dealers and automobile appraisers considers inherent diminished value to be value lost due to stigma, repair-related diminished value to be value lost due to repairs not returning a vehicle to pre-accident condition, and insurance diminished value to be value lost due to the use of lesser parts. The most significant issues relate to the evidentiary standard required for proving a claim in inherent diminished value and to quantifying that loss in value. How does an appraiser go about determining the amount of auto diminished value?

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

In order for you to prove inherent diminished value it would be insufficient to express an opinion that the vehicle is worth less by employing a formula, algorithm or simply the uncorroborated opinion of an appraiser who considers himself an expert. Without reliable evidence, an individual appraiser’s experience is insufficient to prove inherent diminished value on a balance of probabilities. The burden remains with the car owner to quantify their claim of inherent diminished value with actual evidence.

DETERMINING THE AMOUNT OF DIMINISHED VALUE

The St. Lucie Appraisal Company generates diminished value appraisals crafted from the unbiased opinions of numerous authorities on the buying, selling and auctioning of cars – the sales managers at new car dealerships. In fact, we are the only independent appraisal company in the United States that can reference literally thousands of such opinions. Proving the existence and amount of automobile diminished value is critical both in claim negotiations and legal proceedings should matters escalate to that stage. Insurance adjusters and their supervisors are not impressed by formula-based appraisals and give them scant respect when negotiating settlements. If a car owner seeking compensation for diminished value doesn’t submit an appraisal that convinces insurers that they would lose in court, you are likely to lose a great deal in terms of not only time and money but also emotional duress. Nobody likes being treated unfairly.

A pro-active approach works best. Obtain a credible automobile diminished value appraisal from an appraiser who holds a state-issued license. An automobile adjuster and appraiser license from any state is a nationally accepted credential. Make certain that the appraiser is agreeable to discussing his appraisal with insurance representatives. Document everything by insisting that all correspondences with the insurer be in writing. Escalate the claim up the chain of command. Supervisors have the authority to increase settlement offers and will likely consult with their legal team about the chances of a successful defense. If their lawyers tell them that the evidence is compelling, your chance of obtaining equitable treatment increases considerably. If you are still faced with arbitrary and capricious responses, make an unfair claim practices complaint to your state insurance department. Finally, should all else fail, you may have to sue them.

It is our goal to eliminate as much hassle as possible from your automobile diminished value claim experience by preparing appraisals that are fair and which accurately reflect the reality of the used car market. It is undeniable that your car has lost value after being wrecked and repaired. Determining just how much is our job and we do it better than anyone else.

READ CUSTOMER REVIEWS OF THE ST. LUCIE APPRAISAL COMPANY

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.

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Each week we report on the most interesting and informative articles concerning auto diminished value claims. Regarding our diminished value appraisal of a Porsche Macan with 17,289 miles that was involved in a Front End Collision that caused $16,759.37 in damage. The car was disabled/towed and had no structural damage or air bag deployment.The claimant 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 Porsche dealerships in Washington, Oregon and surrounding states- Porsche dealers would have to wholesale the car and would not resell it on the lot. Also, normally buyers when spending this kind of money on a vehicle would like to see a clean Carfax and will expect a “deal” and also at one dealership if the car has 16k worth of damage you are looking at a huge loss of value – at least 25%.

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 Porsche dealers in Washington and surrounding states 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 not including damage to structural components and no air bag deployment. Repair cost $16,759.37. 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 22.92%. 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 $47,500.00 at the time of loss. The Diminished Value was $10,887.00.

READ CUSTOMER REVIEWS OF THE ST. LUCIE APPRAISAL COMPANY

The fee for an Automobile Diminished Value Report is $275.00. Exotic car owners please call for rates.You may also make your Credit Card Payment by telephone, call 772-359-4300.

After making your secure payment please email the completed body shop estimate or insurance company damage appraisal to contact@stlucieappraisal.net

Service in Seattle, Spokane, Tacoma, Vancouver, Bellevue, Kent, Everett, Renton, Yakima, Federal Way, Spokane Valley, Kirkland, Bellingham, Kennewick, Auburn, Pasco, Marysville, Lakewood, Redmond, South Hill, Shoreline, Richland, Sammamish, Burien, Olympia and throughout Washington.

Adams, Asotin, Benton, Chelan, Clallam, Clark, Columbia, Cowlitz, Douglas, Ferry, Franklin, Garfield, Grant, Grays Harbor, Island, Jefferson, King, Kitsap, Kittitas, Klickitat, Lewis, Lincoln, Mason, Okanogan, Pacific, Pend Oreille, Pierce, San Juan, Skagit, Skamania, Snohomish, Spokane, Stevens, Thurston, Wahkiakum, Walla Walla, Whatcom, Whitman and Yakima Counties. auto appraiser near 98012, auto appraiser near 98052, auto appraiser near 98208, auto appraiser near 98682, auto appraiser near 99301

Determining the Amount of DV

DETERMINING THE AMOUNT OF DIMINISHED VALUE

Porsche Macan Diminished Value Claim in Redmond, Washington