Help Me File A Diminished Value Claim
Diminished Value Facts:
If your vehicle was in a single vehicle accident, this is considered a first party claim. Diminished Value is acknowledged in Georgia for first party claims ONLY. It is extremely important to understand that there is no standard formula methodology for Diminished Value in the State of Georgia and while the Department of Insurance agrees that insured residents in their state are entitled to compensation for loss-in-value to their vehicle after an auto accident they do not endorse any vendors formula methodology. Additionally, Formula 17c is NOT accepted by the Department of Insurance in the State of Georgia and this formula methodology – created by State Farm Insurance, has been struck down in court many, many times.
The loss in value a vehicle sustains is a direct result of the accident history that is reported to numerous vehicle history agencies and data providers. CarFax, AutoCheck, AutoVin, CarProof and others pay vendors in the towing, storage and collision industry for their data. Automobile dealers are compensated for service records now as well. There is so much transparency with the data surrounding an accident that everyone and anyone will know & report that your vehicle has been in a wreck and sustained damage. Unfortunately, sometimes the damage is very descriptive – usually when it is very severe and the comments that appear on a vehicle history report may include; vehicle destroyed, sever damage, moderate to severe damage, vehicle inoperable, towed from scene, airbags deployed, etc. When a vehicle is in a minor accident (aka fender-bender) there is generally no injuries and the vehicle(s) involved are driven away from the scene. The average auto accident on US roads suffers only $3500 in damage, yet the vehicle will be branded with accident history for life! These minor accidents will have little to no description of damage severity, which hurts the value of the vehicle significantly.
Insurance Carriers are to blame because they will not share the accident repair data with the vehicle history reporting agencies. We do not understand why this is the case when they are all so quick to tell the world about your accident. They have the repair cost down to the penny, but consider this data “proprietary”. It would be great if the accident history report on your vehicle said “minor damage, passenger side, $1,326.42 in repairs” because anyone interested in buying your car would feel a whole lot better about the structural condition of the car, butt that is not the case. That is how Diminished Value happens folks and your loss, is your loss unless you take action and seek reimbursement from the “at fault” party’s insurance carrier.
Insurance Carriers assign “adjusters” to each claim. Sometimes those people are 3rd party sources and they are compensated on how swiftly and cheaply they settle each case. They will tell you ANYTHING they can to get you to move on and forget about your Diminished Value Claim. We have seen and heard it all from over 100 different insurance carriers and the stories keep getting better and better. The tactic we see most frequently, is for the insurance carrier to hone in on the quality of the repairs. They will send a special adjuster or “appraiser” to quality inspect the vehicle that was repaired. That agent works for the insurance carrier, either by nature of contract or literally is an employee. Guess who’s interest they have at heart? Not yours…and you will find that your Diminished Value Claim is swiftly denied, or a ridiculously low settlement offer is made (10% or less).
Do it yourself (DIY):
We give you a free Diminished Value Assessment. You can draft your own demand letter, send it REGISTERED MAIL and hope for the best or get help filing your claim and get guaranteed results.
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