What do you think? Do you have to sell your car in order to prove that it has lost value?
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”.
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!
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.
Tesla Model S – Diminished Value On A Rare Vehicle
Recently, I was asked to review the impact a collision would have on a relatively rare vehicle, the Tesla Model S. The review was challenging because the vehicle doesn’t have many of the mechanical components that a traditional internal combustion engine vehicle has. Additionally, there has been some reservations about the safety of the Tesla due to recent reports of fires ensuing after collisions (undercarriage damage to the battery bank). (more…)