Diminished Value Or Loss Of Value Claim: Getting Past The Hype
You may have come across this article in a Google or Yahoo search, but I would be willing to bet that this article was not the first result that popped up if you searched for diminished value, diminution of value, loss of value claim or something of the sort. If one searches directly for those terms, undoubtedly there will be tons of results that seem to be perfectly valid. You will likely locate many places or companies that claim to be able to calculate diminished value on an automobile loss. So how do you know who can and who can’t help you?
Diminished Value Research
My best advice: Do some research and don’t settle on that company that has spent all their money on marketing so that they can be first on the search list.
Companies that utilize those types of marketing tactics are normally places that have jumped on a bandwagon to make money on diminished value claims, and they will take your money and provide you with a substandard report. If you are looking to properly document a vehicle’s diminished value, then you need to know what the insurance company’s attorney will be looking for in the documentation.
Localized Information Is Key
Every vehicle has a different market, and every location in the U.S. has a different market. Do not believe that you can punch some information into a computer and magically get a diminished value calculation that the insurance company will accept. The only way the victim of an auto accident can successfully negotiate for a proper settlement is to utilize scientific methods to support their claim.
In the insurance industry, expert witnesses are called upon for many occasions when a claim is escalated to litigation – experts such as doctors, engineers, physicists, mechanics, appraisers, and adjusters. In each case, if an expert is to be taken seriously, the opposing side will request a “Daubert” challenge. In short, it is simply a way of making sure an expert really is an expert. Most companies that generate diminished value reports do not have the credentials, nor do they utilize a proper method in calculating diminished value.
In closing, use your noggin’ folks!
If you can’t get the diminished value expert on the phone, or if you are punching in numbers on a website and expecting to get paid for diminished value, then you’ll have a frustrating time getting your claim paid by any reputable insurance company.
Sometimes it’s just in the petty details.
Register to download our Free Diminished Value Claim Guide to get a compilation of all the information you are looking for to get your claim settled.
Posted in: Diminished Value