What can you expect from the new Carfax Total Loss Evaluation they just announced?
If you’re an insurance company or a dealer, then you can expect business as usual.
If you are the owner of a vehicle that has been totaled, then my guess is that you can expect nothing good from this new tool that is aimed at insurance companies.
Don’t be fooled; CARFAX is not going to provide private individuals with fair valuation reports on their car’s value.
Their announcement says the product will help ADJUSTERS that are considering total-loss claims. Yay, more help for adjusters and none for the victims, oh boy!
There are already total loss valuation companies that partner with insurance carriers and they have been, and / or are involved in class action lawsuits about the secret way they attempt to value vehicles (think CCC, or Mitchell) which many times results in a value that is much lower than what market information actually reflects.
The simple fact is that CARFAX is attempting to join the group of insurance partners who usurp authority on auto appraising. Keep in mind that CARFAX is not a vehicle valuation expert, nor are they an authority on auto appraisal methodology. They simply glean information about a vehicle’s history, and now they claim to have “History-Based Value” information.
The more one knows about Carfax and the more experience one has with Carfax, the less that person will trust them to give accurate results. Mark my words, the lack of transparency in valuation methodology will become increasingly evident as we see this new “CarfaxForClaims.com” portal take effect for adjusters.
My opinion is that it is just another way for insurance companies to pretend to be fair by partnering with a company that markets itself as consumer friendly (when it really isn’t). Look behind the big curtain in the corner folks.
Do you need help with a total loss? Is your claim against your own insurance company?
If so, we can help review and see if your case is a good candidate for invoking the appraisal clause. Fill out the form below today to get a FREE consultation with our experts on your claim!
Have you had trouble getting your diminished value claim settled?
So did our client Kelly in San Mateo, CA so she hired us as her experts. She had a 2016 Audi Q3 2.0T Premium Plus with over $20K in damage after an accident that wasn’t her fault and, although it should have been totaled, the at-fault insurance carrier INSISTED it was repairable!
She submitted her $6100 DV claim and got the typical immediate denial.
Because California only requires $5K in property damage liability coverage, insurance companies COMMONLY attempt to use this denial / delay tactic…
Here’s how it works:
The responsible carrier will refuse to address the victim’s out-of-pocket damages (like Loss of Use and Diminished Value), arguing that the VICTIM’S insurance carrier needs to subrogate first.
If this happens, the victim almost never gets paid for Diminished Value. Since your own policy doesn’t cover diminished value, you MUST get it from the at-fault person’s carrier so the subrogation claim must wait until you recover your DV.
Otherwise, the subro claim could exhaust the limits of the at-fault party’s policy, leaving you empty-handed with no way to recover. The Made-Whole Doctrine exists to combat this inequity (search more about this topic on our blog).
Once she made everyone aware that she knew her rights, Kelly got the full Diminished Value settlement of $6100 and her insurance company was forced to wait on their subrogation claim.
Do you need a great expert appraiser to help with your diminished value auto claim?
You can get a FREE claim consultation today to talk about your claim with one of our experts!
Randy & Sue have a 2008 Lexus GS 350 that had $8500 in damages and was close to being totaled. They had no idea that they were owed money on TOP of the damages the other driver caused!
Thankfully, they knew an awesome body shop that they had used for years and multiple auto repairs and that awesome body shop knew how we helped on Diminished Value claims.
After getting our info, they signed up for a free claim consultation and got our help with an appraisal and our expert guidance through the process.
Randy & Sue fought for their diminished value loss and ended up settling for $2500!
Dear Ron (Shop owner),
First of all, thank you so much for the years of support and your extraordinary magic with our vehicle mishaps! You and your staff are “Awesome”!
When Sue picked up her GS 350 from the rear-end encounter, the quality work was superb, as always! Not to mention, you are a pleasure to do business with from every perspective, complimented by our insurance company as well.
We also would like to extend our sincere appreciation for introducing us to Justin Petty, an amazing Diminished Value expert who is very supportive.
With Justin’s guidance, we were able to obtain an equitable DV settlement from a very difficult insurance company! Another example of your pursuit of perfection and genuine concern for your customers’ welfare. We would have never known!!!
God Bless you and yours! – Randy & Sue
Lots of insurance companies will make up stories on why you aren’t owed diminished value….don’t listen to the naysayers! Talk to a REAL expert in this very niche field and get the truth you’ve been searching for.
If you’ve been in an auto accident that wasn’t your fault and YOUR awesome body shop doesn’t know the great work we’re doing, make sure to talk about the Petty Details of Diminished Value and how we can help!
Want to know if your diminished value claim is worth it?
Do you work at an awesome body shop and want to know more about our spectacular services?
Fill out the form below for a FREE consultation and find out how we can help YOU today!
Yulian G. lives in California 🌴 and has a 2016 Subaru WRX that sustained over $17K in damages.
He works at Yosemite National Park and, while he fought the wildfires, he was also fighting Mercury Insurance with a Diminished Value Appraisal from Petty Details to get his $7K auto claim paid. Guess what? He got it PAID IN FULL!
Hear straight from our raving fan – his email is below!
“Mercury Insurance sent me a settlement check in which the amount from your appraisal was included and paid in full!
I wanted you to know that, despite the complexity of this case, your services were ON POINT and you guys provided excellent customer service and expertise! I’m so glad that I listened to your advice!
Again, thank you so very much for your understanding, expertise, customer satisfaction and empathy. You’re a rare occasion in the business field today. I’ll make sure to highly recommend your business every chance I get! Come visit Yosemite anytime!”
Want to be our next California diminished value success story?
Fill out the form below to get a FREE diminished value claim consultation today!
Tom lives in Oklahoma and had a 2017 Mazda Mazda3 Grand Touring with $12,400 in damages. He got our expert help with a diminished value auto appraisal and settled his auto claim for $3750!
Help from Petty Details is the real deal – whether you’re an accident victim, attorney or paralegal from a law firm, an adjuster, or a body shop, you and your clients can get help from the pro’s at Petty Details on your diminished value claim!
Want a FREE claim consultation?
Fill out the form below to find out if you could be our next success story….
Get ready for your mind to be blown in the latest article from Justin Petty regarding the Appraisal Clause and how much it can vary from policy to policy.
You will see four different versions of the appraisal clause and he’ll compare them and show you some of the differences/problems with them. He’ll also talk about how they work and how the clauses can sometimes be worded in a way that ultimately works AGAINST you, even though everyone normally assumes it was created to HELP you!
Read his opinion about these different appraisal clauses and how you might be able to deal with them if you are trying to resolve your total loss.
You might walk away with more questions than you had before – luckily, Justin is just the guy to point you in the right direction!
Sometimes, when you invoke the appraisal clause, the two appraisers get in a sticky situation where they don’t agree and one tries to make up unwritten rules on the idea of “that is what we have always done”.
This case was one of those.
The owner had been through a pretty horrific hail storm and his new vehicle was totaled in the process. When he got his offer, he felt like it was pretty low. We took a look and agreed that his valuation contained the typical problems they normally do and seemed to be several thousand dollars off.
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!
If you’ve been in an accident in your luxury vehicle, what the heck can you do about it?