Total Loss After Auto Accident – Do it Yourself Insider Secrets

October 2, 2018By Justin Petty

If you would like to get a fair settlement for the total loss of your auto, you have found the right article. It will take a little work, but I think I can shed a little light on what you need to know in order to get a fair settlement.

As the owner of an appraisal and claim service company as well as a former licensed adjuster who has settled thousands of total loss claims, I will reveal the tricks to getting an insurance company to take you seriously.

In this article, I will dispel common misconceptions on total losses, tell you how to argue with computer programs and formulas, and give step-by-step instructions on how to best support your claim to get it settled.

Total Loss Help – What Can You Do?

October 1, 2018By Justin Petty

Total loss disputes are common.

The value of your vehicle is very important to you, but it may not be as important to your insurance company or the insurance company of that guy or girl that hit your car and totaled it.

There are some options to help get a fair value on your vehicle.

The most common and accepted is to employ the services of a non-interested professional. If the professional is truly a non-interested expert, then their opinion should be based on accepted appraisal methods and proper training and experience. The value you get from an independent appraiser should be in line with the actual value of your vehicle as it relates to the terms of the insurance claim.

READ ABOUT YOUR TOTAL LOSS OPTIONS!

Is Kelley Blue Book A Reliable Method for Researching Diminished Value?

September 30, 2018By Justin Petty

Recently, I had a case where an adjuster was negotiating an inherent lost market value claim based on values and condition descriptions found in Kelley Blue Book.

The amount of inherent lost value, or diminished value or DV as it is common to call it, that the adjuster was willing to pay was about $4000 less than what my research and opinion came out to.

Obviously, I argued that KBB was not accurate.

Naturally, the adjuster requested a synopsis on why I believed that using Kelley Blue Book was not a reliable method for researching diminished value.

I happily obliged the adjuster.

Want to read more about why using Kelley Blue Book (or any other online valuation guide) to calculate diminished value is a severely lacking and inaccurate method?

Arguments Against Diminished Value VERSUS The Truth

September 29, 2018By Justin Petty

Back in May, I saw a sad story about a filmmaker in South Africa that was killed by the head butt of a giraffe out in the bush while filming for a movie.

In my mind, I related that to how the giant insurance companies just throw around invalid denials to diminished value claims to shut down the claimant from figuring out how in the heck to fight, therefore making them give up.

Until they find us.

A while ago, I was provided with a pretty big list of arguments that attempted to show why diminished market value on automobiles is not real, or at least why it is never very much.

I am going to address each one, point by point so as to be very thorough.

Mind you, these arguments were made by a professional who evaluates the market of stigma losses on automobiles.

Find out how to fight with expert arguments!

Uninsured Motorist Diminished Value Win in Court!

September 28, 2018By Justin Petty

How Our Client’s $5000 Success Can Lead the Way to Your Success!

Having an uninsured motorist or under-insured motorist diminished value claim (UM/UIM claim) doesn’t usually qualify for the fun list, but if you’re faced with having to deal with this type of diminished value, it pays to educate yourself about these types of claims! It paid our client $5000 to be precise!

Let’s start this article out right with the great news! We just had a client go to court in Collin County, Texas and she got a big win thanks to our appraisal, expert help and our attorney who stepped in to get that case into court! More details about that case are a few paragraphs below so keep reading!

The Norm for Uninsured Diminished Value Claims – a BIG FAT DENIAL

Believe it or not, the vast majority of insurance adjusters do not get any training on how to handle an uninsured motorist diminished value claim. In fact, insurance companies routinely refuse to pay for uninsured motorist diminished value claims and make up all kinds of excuses why they don’t owe for them. It’s just a claims handling tactic meant to deter people that don’t have much wherewithal or persistence. With just a little bit of research, you can prove to yourself that your own insurance company owes you for any inherent diminished value you sustain due to an uninsured or under-insured motorist.

The best case to cite for a Texas uninsured motorist diminished value claim is the Noteboom vs. Farmers case that you can easily find with an internet search.

Now, don’t get all excited since you now know the truth.

You can rest assured that even with the exact right answer and perfect evidence, the insurance company will balk and typically refuse to pay anything near the real diminished value amount. When that happens, you have to know how to bring your claim to a close without messing up your ability to use the court system.

How Can You Fight for Diminished Value on your Uninsured Motorist Policy?

READ ABOUT THIS OWNER’S DAY IN COURT!

Does A Total Loss Have Diminished Value?

August 20, 2018By Justin Petty

Short Answer: No!

I think most people get this, but I get this question all the time, so I am writing this article in an attempt to properly explain why a total loss settlement does not include diminished value.

First, let us define Diminished Value:

Diminished Value is the loss in re-sale value of a vehicle after it has been in a wreck and then repaired.

Second, let us define Total Loss:

A Total Loss occurs when the insurance company decides that they are not going to repair your vehicle.

There are a few things to realize when you are dealing with an auto claim.

Click here to read the rest!

Appraisal Clause: Deceptive Practices by Insurance Companies

October 23, 2017By Justin Petty

Total Loss Disputes

If you’ve done some Googling because of a total loss dispute with your insurance company, you probably came across information explaining your right to appraisal (also called the invoking the Appraisal Clause).

Unfortunately, because auto total loss disputes are usually less than $10,000.00, it is an area that hasn’t traditionally attracted attorneys (but there are a few attorneys that will fight for you).

In fact, because the amounts in dispute are typically under $10,000.00, most insurance companies don’t even train their claims staff about the appraisal clause.

I know.

I was an adjuster for over a decade and NOT EVEN ONCE was the appraisal clause mentioned. If you invoke the appraisal clause, you can bet that you will be dealing with a claims representative that has no clue what they are doing (if you’re an adjuster that thinks you know better, prove it).

I educate adjusters and insurance carriers every week about this little known right that their insureds have.

Actual Cash Value or Fair Market Value?

October 16, 2017By Justin Petty

I’ll bet that no one has explained to you what I am about to explain . . .

First of all, the terms Actual Cash Value (ACV) and/or Fair Market Value (FMV) are sorely lacking and ambiguous when it comes to actually helping to define the value of a private passenger automobile.

In fact, the formal definition in almost every source one can find leaves out the MAIN ASPECT that would make the definition useful.

The terms ACV and FMV are so ambiguous that they are totally meaningless when it comes to figuring out the value of your vehicle.

Don’t believe me, let’s break it down.

Start with familiarizing yourself with the “formal” definitions.

Find out the difference between ACV & FMV!

Total Loss Due To Flooding? How Victims Can Fight A Low Offer by Invoking the Appraisal Clause

September 5, 2017By Justin Petty

Prove a point on your total loss due to flooding after Hurricane Harvey with the Appraisal Clause

If you’re a victim of the recent flooding in South Texas and have a total loss due to flooding with your carrier, you should call our office immediately and make sure that any offer you get is fair and reasonable.

Now that South Texas is dealing with the aftermath of Hurricane Harvey and Florida and Georgia brace for the impact of category 5 Hurricane Irma, victims will undoubtedly be dealing with total loss claims in exponential numbers and they need to know that insurance companies routinely handle these claims in a very dogmatic manner.

The biggest tactic is for a carrier to simply refuse to negotiate.

They will simply tell you, “take it or leave it”.

They like to claim that they do not have the authority to negotiate outside of their captive company market reports.

This is completely untrue and you can fight it.

FIND OUT HOW YOU CAN FIGHT BY INVOKING THE APPRAISAL CLAUSE

APPRAISAL CLAUSE BRINGS JUSTICE AGAIN!

July 27, 2017By Justin Petty

OFFICIAL OFFER WAS OVER $7000 LOW ON A 2006 Dodge Ram 2500 SLT

Hey guys!

It has been quite a while since we had time to post on our blog because we’ve spent our year so far helping tons of accident victims get a fair shake when dealing with diminished value and total losses.

We’ll start today with our latest success on a little known power you have against your own insurance company (1st party claim) if you have a total loss:

THE APPRAISAL CLAUSE!

Even if you know about the appraisal clause, it doesn’t mean it will be effective for you since most insurance companies have their own idea about how the appraisal clause works (even though it is in black and white in the contract) so you have to have an experienced expert that knows the rules and how to navigate the process legally.

We have inside knowledge that the appraisal clause is on top of everyone’s mind working inside the claims department because it is costing them a ton of money to defend the practices of their uneducated adjusters.

The requirement that appraisers and umpires be “disinterested” is something that the insurance companies purposely and habitually fail to recognize.

The two appraisers working the claim must be totally disinterested. Their concern should be about the TRUE VALUE of the loss.

It isn’t YOUR SIDE VS. THEIR SIDE. It is NO SIDE VS. NO SIDE!

READ ABOUT DAN’S APPRAISAL CLAUSE SUCCESS

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Author: Justin Petty