Robert found out how effective our products are by proving his diminished value loss with our one page DV Analysis. We only use this product when the expert suggests it but Robert’s case was the reason we created this product!
Ain’t gonna lie….his claim was risky.
Diminished Value Claim Overview:
Low damages resulting in a low DV claim against a trucking company. Lots of things working against him on this claim but our DV Analysis helped him attack his claim with expert guidance right from the start and an appraisal based on sound methodology to make a demand with.
Do you own a high end vehicle like a Lamborghini, Mercedes, Cadillac, Infiniti, Bentley, Rolls Royse, Porsche, Maserati, BMW, Audi, Saab, Lexus or any other vehicle that is considered a luxury or exotic vehicle?
If so, you should certainly be thinking about diminished value if you were involved in a collision! You might not know the technical term for it but you know you’re gonna be put through the ringer when you go to trade that baby in and those are the FACTS!
No matter if you backed into a tree or if some negligent driver crashed into you, it is highly likely that your vehicle has lost value because of the simple fact that it was in an accident. Even if you took the vehicle to the best repair facility around, it doesn’t change the fact that your car was once wrecked.
Diminished value is a concept that has been around for nearly 90 years.
There is law relating to it in Georgia dating back to 1926!
So, if you’ve been in an accident in your luxury vehicle, what the heck can you do about it?
This is a hard subject to explain to a lot of people.
Let me start by saying that you need to understand what is in this article before you blow your top at some insurance adjuster. There are ways around a reservation of rights defense, but you have to be stealthy and, above all, you have to remain calm.
If you have found this article, you are either an insurance adjuster doing some research or you are involved in a claim and being advised that your claim is not being paid at this time and that they are putting the claim on a “reservation of rights”.
I’m going to speak on Texas and specifically on auto insurance as Texas is my home State and auto insurance is where I have the most experience, although the reservation of rights or its equivalent exists in almost every State in the U.S. and can come about on claims that are not automobile claims.
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.
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.
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.
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?