Actual Cash Value or Fair Market Value?

actual cash value or fair market value

Actual Cash Value and Fair Market Value

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.

CLICK HERE TO FIND OUT THE DIFFERENCE

 

Do you have to sell your car to prove your diminished value? A Graph

What do you think? Do you have to sell your car in order to prove that it has lost value?

does your car have to be sold

To the surprise of me and my client’s attorney, we recently had a Judge that said YES.  Insurance adjusters are trained to say YES to the title question, too. But what do you think? The graphic with this article sorta sums up why the law does not agree with the Judge or the insurance adjusters, but I’ll go a little further to drive the point home.

No, Really…Do You Have To Sell Your Car To Prove Diminished Value?

Am I richer when the prices of my stocks go up?

Am I poorer when my stock values are down?

If average home prices around the home I own rise, am I richer?

If I trade my Lamborghini even for a Toyota Corolla, am I richer, or poorer?

If the doctor says I need a $10000.00 surgery to save my foot, am I richer if I don’t get the surgery?

If I lose my foot, and then use a prosthetic, is the cost of maintaining and replacing the prosthetic, along with the future medical costs I will incur part of the value of my claim, or does it only count when I actually go and pay for the care?

If everybody in your neighborhood paid $500 for a grill from the hardware store, and you found an identical one on Craigslist for $325.00 and still in the box, what is the market value of the grill?

If I have a Rolex valued at $22,000.00 by a well known Rolex appraiser, and I sell it for $18000.00, did I change the value of the Rolex?

If a sell price dictates market value, then there is no such thing as a “good deal”.

FIND OUT WHAT THE EXPERT SAYS & SEE THE REST OF THE GRAPH

Auto Accident – Do You Need an Attorney?

do I need an attorney

Do you need an attorney for your auto accident?

Answer the question for yourself!

Let me start by saying that some people never need an attorney, and others will always need an attorney.

Additionally, this article is based on my 15 years of claims adjusting experience. I have developed a simple little formula that will help you decide if you need an attorney or not. Keep in mind, this quiz is tailored for auto accidents only, and I make no warranties or guarantees that your result is a foolproof answer.

Ultimately, the only person that can decide if you need an attorney is you.

With that being said, simply answer the following 15 questions and then add up your answers. All of these questions are yes or no questions. Whatever answer you have the most of is your answer to the title of this article.

TAKE JUSTIN’S QUIZ NOW!

Where Can I Get A Diminished Value Appraisal? 7 Tips

diminished value appraisalWhere can I get a diminished value appraisal?

If you are doing research on how to get paid for your vehicle’s diminished value, then you know that the advice on the street is to get a diminished value appraisal from a qualified expert.  Are you feeling lost or overwhelmed in the process?  You aren’t alone!

So how do you pick a qualified expert?

CLICK HERE TO READ EXPERT TIPS!

Diminished Value in Texas – How Does It Compare?

diminished value in Texas

Dealing with Diminished Value in Texas

If you have a repairable collision claim in Texas, then you may be entitled to recover for your vehicle’s diminished value. In Texas, if you file a third-party auto claim, then if your claim meets certain standards, you would likely recover diminished value if the case went before a jury.

Diminished value in Texas compares to other states in this capacity through the negligence law rules.  In Texas, if one is over 50% at fault for a loss, then they cannot recover damages from a less negligent party. The kicker is that if they are only 10% at fault, then that 10% can be deducted from their damage amount. Some States have a law that applies negligence in a pure manner. For example, if you are 10% at fault, then you owe 10% of the other person’s damages. If you are 61% at fault, you can still recover 39% of your damages.

The point, and to answer the question in the title of this article, is that YES you can get paid for diminished value in Texas.

READ MORE ABOUT DV CLAIMS IN TX

WHAT’S THE MADE WHOLE DOCTRINE & WHY SHOULD YOU CARE ANYWAY?

made whole doctrine

Made Whole Doctrine: Are you being preyed upon?

Insurance companies count on vehicle owners not knowing about the law, specifically the made whole doctrine.  They use the lack of knowledge by the layman to prey on accident victims for profit.  Right now, many of the accident victims that are reading this article are being further victimized by their own insurance company, and many times the adjusters that are doing the victimizing have been indoctrinated to believe they are doing the right thing and that they are within the law.

Let me be very clear here: Insurance companies routinely steal money from their own customers through improper and illegal subrogation activities.

ARE YOU AFFECTED? CLICK HERE TO READ MORE!

INVALID DIMINISHED VALUE CLAIM DENIAL – 8 Unfair Examples

invalid diminished value claim denial
If you’ve had the displeasure of being in an accident where your vehicle was repairable, you’ve probably experienced a loss in the resale value of your vehicle, no matter how well it was repaired.

Additionally, in the vast majority of cases the insurance company that is responsible for settling the claim with you gives you an unfair and invalid diminished value claim denial.  In my view, the denial of these valid claims is an act of fraud.

If it is fraud, then why doesn’t the insurance company get in trouble for it?

The primary reason is that there are very few attorneys and even fewer accident victims that really understand the denials.  Because of that, it is difficult for the accident victim to defeat the illogical and unlawful reasons that insurance companies use to deny diminished value claims.  I thought long and hard about what I could do to help accident victims get fair compensation for lost value, and outside of preparing an appraisal for them and directing them to an attorney that will take their case, the best I can do is to educate.  So that is exactly what I will do right now!

I’ve already published one article that gives some responses to common denials, but in this post, I am going to pull out the stops and address every denial reason I can find, and provide all the proper reasons why the denials are invalid, improper, and in most cases, fraudulent.

READ ABOUT THE DENIALS YOU MIGHT RUN INTO

Auto Dealer Quotes & Diminished Value – The Solution

auto dealer quotes

If you are attempting to recover damages as a result of diminished value, you will undoubtedly be required to prove your loss.

This can be very difficult for the average accident victim. Can you just call around and get auto dealer quotes to prove your loss?  Knowledge of the proper methodologies and form for presenting valid supporting data eludes most laymen. As a former licensed adjuster and current owner of a claim services company, I can attest to how hard it is to document diminished value in a credible manner.

Spill The Beans!  How Do I Prove My Diminished Value?

CLICK HERE TO KEEP READING

Has Attorney Montie Day Changed California Diminished Value Law?

California diminished value law

In the small world of automobile claims, there’s new buzz surrounding California Diminished Value law and the recent changes in California Jury Instructions regarding property damage to automobiles.

The changes came in response to one attorney’s relentless pursuit of justice. Attorney Montie S. Day refused to sit idly by when he realized California insurance carriers and their adjusters were using language in official jury instructions to try and make accident victims believe they could not legally recover lost value damages.  Specifically, we’re talking about inherent lost market value to automobiles, or as it is more commonly known, diminished value or simply DV.  Market surveys and sales prove that damaged and repaired vehicles are generally less desirable (thus, less valuable) on the resale market than identical vehicles that have never been damaged and repaired.

What’s interesting here is that big changes are expected, yet there is no new California Diminished Value law.  What the insightful Mr. Day attacked was not improper law (jury instructions are not law, and the law in California already recognized the right of a victim to recover inherent lost value aka diminished value).  Instead he realized insurance carriers were using language in the jury instructions to mislead accident victims and imply that the law in California would not allow recovery of inherent diminished value, so he attacked and exposed that unfair and misleading tactic.

CLICK HERE TO FIND OUT WHAT HAS CHANGED

How The Amount Of The Repair Bill Affects Diminished Value

how repair bill affects diminished value

Severity of Damage and Inherent Diminished Value

In a professional forum for diminished value providers, we had a member inquire about how the amount of the repair bill affects the diminished value (inherent) of a vehicle. It is my experience that the amount of damages is an imperative factor to have in order to accurately assess diminished value.

Let’s dig right into the details…

Click for the Truth About How The Repair Bill Affects Diminished Value

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