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

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

Our NEW DIMINISHED VALUE WEBSITE! Thanks for your support!

The NEW Petty Details Diminished Value website – http://diminishedvalueexpert.com!

We are proud to show off our hard work with the launch today of our new website (which you have obviously found if you are reading this.)

diminished value expert

We have made it a mission to make our resources easily available to provide the most people with free information about their diminished value, total loss claims and tons of other topics.

Find out:

  • How to make a diminished value demand
  • How much your diminished value claim is worth
  • If your total loss is worth fighting for
  • How much your injury might be worth
  • The small claims court process

We have compiled all of the free help we’ve given over the years here on our new website to make it easy for auto accident victims to find the answers they need to make an informed decision when dealing with their insurance claim.

We thank you for your support over the last 5 years and we are ready to give you more free information than ever to help get your diminished value and total loss claims resolved as painlessly as possible!  You won’t believe our customer service because we truly do focus on each individual claim and spend all the time it takes to answer your questions right up front to make sure you feel confident moving forward with our help.  We stay by your side throughout the process so you will never wonder who to call when you don’t know the next step.  Rely on Petty Details for the real expert help you need with your diminished value, total loss or small claims issues – our success rate is the highest because we don’t give up!

CHECK OUT OUR NEW SITE TODAY!

Browse around and let us know what you think and we can’t wait to hear your feedback!

Drop us a line!