Friday, April 23, 2010

DIMINISHED VALUE AND INSURANCE COMPANIES

 
AUTOMOBILE DIMINISHED VALUE IN ALL 50 STATES


Hire an Expert Automobile Diminished Value Appraiser - Service in all 50 States

FORT PIERCE, Florida - Once your late-model vehicle is in a collision, it has suffered more than physical damage. Your car has also experienced what is known as automobile diminished value. What it means is that your car's resale value has decreased significantly. Because there is now a CARFAX report attached to it, the car becomes a pariah of sorts, shunned by used car buyers in favor of previously undamaged units. Dealers, of course, won't pay nearly as much for the trade-in. Fortunately, Florida recognizes automobile diminished value and insurance companies recognize that they are liable for automobile diminished value claims and therefore, must pay. Will you need an attorney to file your claim? Not if you have secured the services of a competent automobile diminished value appraiser. If the insurance company adjuster of the at-fault driver handles the claim in an above-board manner, Florida's consumers should have little difficulty obtaining fair compensation. The St. Lucie Appraisal Company prepares automobile diminished value reports.

In 2001, the Georgia Supreme Court made an historic ruling in the case of State Farm Insurance Company v. Mabry. Their decision impacted how automobile diminished value claims are handled not only in Georgia, but also in Florida and most other states. The diminution of value after a collision has always existed but, until Mabry, insurance companies refused to pay or even acknowledge Diminished Value. The court wrote: “You are hereby directed to review this case and adjust claims accordingly, including assessment and payment of diminution of value relative to physical damage. Policyholders should be reimbursed consistent with the court's holdings and applicable language contained in the relevant policies issued by your company.”

State Farm tried to argue that when the vehicle has been properly repaired, there is no objectively discernible diminution in value. In reality this is nonsense and even though Georgia's Insurance Commissioner sided with the insuror, the court disagreed. Since then, the large insurance companies have recognized that their diminished value responsibilities are very real. Adjusters, when faced with an automobile diminished value claim, make a token offer which represents only a fraction of the car's lost value. Vehicle owners who balk at accepting are told to obtain an independent evaluation. On the other hand, insurance adjusters don't want to risk having to defend a "bad faith" claim. Aggressively pursuing your diminished value claim almost guarantees a more acceptable settlement. Hiring an attorney is a smart investment if an insurance adjuster is adamant about lowballing you. In most cases, however, a professionally prepared appraisal from a licensed Florida appraiser should suffice.

What is the appropriate methodology for obtaining a diminished value amount? The insurance companies have traditionally used a method named "Rule 17c". It was an agreed upon formula by State Farm and The State of Georgia whereby the maximum decrease in value was set at 10% of the NADA value. It never addressed the impact on vehicles of the current model year which aren't listed in NADA and suffer the greatest percentage of Diminished Value. Vehicle owners have the right to a second opinion and aren't required to accept the dollar value resulting from the 17c formula.

As automobile diminished value experts by virtue of our long experience in the field, St. Lucie Appraisal takes the common sense approach to determining diminished value.

First, the percentage of diminished value is determined using trade-in values. Regardless of how the insurance company adjuster calculates the vehicle's actual cash value, the percentage of diminished value will always be the same.

Second, by using trade-in values, we provide a fair and equitable base that both vehicle owners and insurance claims examiners can live with.

Third, our appraisal figures represent what the vehicle will encounter in the real world of used cars. It is the used car managers at dealerships who provide the most realistic assessment of values because automobile dealers are the ones purchasing and re-selling the vehicles. Our reports list each dealer, their estimation of how much less they would pay because of the bad CARFAX and any pertinent comments such as how different variables affected their decisions. Although it is more time consuming than using a formulaic approach, it's the only method by which accuracy can be obtained.


AUTOMOBILE DIMINISHED VALUE IN ALL 50 STATES 
 
This very nice letter (click to enlarge) from now-retired Stuart, Florida attorney Patrick Beatty illustrates why diligence is necessary in order to prevail in automobile diminished value cases. The insurance company, which shall remain anonymous, first declined to address a diminished value claim at all. Once Mr. Beatty's office became involved, the insuror's stance softened somewhat. But their offer of approximately $1,000.00 for diminution of a 4,800 mile high-end SUV that had sustained major damage was inadequate to say the least. The final reimbursement for automobile diminished value by the insurance company was $6,861.11 based on our appraisal.

Please feel free to contact The St. Lucie Appraisal Company with any questions you might have regarding your vehicle and automobile diminished value in Florida and in all 50 states.


The St. Lucie Appraisal Company
P.O. Box 2700
Fort Pierce, FL 34954
Tel: 772-359-4300
Fax: 772-466-8400
eMail: contact@stlucieappraisal.net
Web Site: http://stlucieappraisal.net/


AUTOMOBILE DIMINISHED VALUE APPRAISER IN ALL 50 STATES  



FIND US FAST IN THE REAL AT&T YELLOW PAGES


Keywords for this article: adjuster, appraiser, attorney, automobile, Boca Raton, Carfax, dealers, diminished value, Florida, Georgia, insurance, Mabry, Patrick Beatty, State Farm, St. Lucie Appraisal Company, 50 states

Revised 08-28-2012, Revised 05-25-2013, Revised 06-19-2013, Revised 09-10-2013

Monday, April 19, 2010

APPRAISER-AUTO, PERSONAL PROPERTY, COLLECTIBLES, DIMINISHED VALUE-SERVICE THROUGHOUT FLORIDA

Personal Property Appraisers in Florida

 FORT LAUDERDALE, Florida - We provide appraisals for all types of Motor Vehicles and Tangible Personal Property including Antique & Classic Cars, Street Rods, Trucks, Heavy Equipment, Motorcycles, Recreational Vehicles, Antiques, Business Equipment, Contents, Electronics, Furnishings, Works of Art, Sports Cards, Comics, Memorabilia and other Collections.

You may obtain Appraisals for Insurance Underwriting and Claims, Charitable Donations, Receiverships, Equitable Distribution, Bankruptcy, Diminished Value, Guardianship and Arbitration.

Automobile Diminished Value Appraisals throughout Florida.

Please feel free to call us at 772-359-4300 and to put us in your rolodex.


The St. Lucie Appraisal Company
P.O. Box 2700
Fort Pierce, FL 34954
Tel: 772-359-4300
Fax: 772-466-8400
eMail: contact@stlucieappraisal.net
Web Site: http://stlucieappraisal.net/



http://stlucieappraisal.net/
AUTO & PERSONAL PROPERTY
SERVICE THROUGHOUT SOUTH FLORIDA

Our service area includes St. Lucie, Martin, Indian River, Brevard, Palm Beach, Broward and Dade Counties. Cities include Fort Pierce, Port St. Lucie, Stuart, Palm City, Jensen Beach, Hobe Sound, Jupiter, Palm Beach Gardens, West Palm Beach, Lake Worth, Boynton Beach, Delray Beach, Boca Raton, Deerfield Beach, Coral Springs, Coconut Creek, Pompano Beach, Tamarac, Sunrise, Lauderhill, Plantation, Fort Lauderdale, Davie, Pembroke Pines, Miramar, Hollywood, Hallandale, Miami, Opa Locka, Hialeah, Coral Gables, Kendall and Homestead.

Diminished Value Appraisals throughout Florida including, Miami, Fort Lauderdale, Tampa, Jacksonville, Daytona Beach, St. Augustine, Lakeland, Panama City, Orlando, Pensacola, Fort Myers, Key West, Sarasota, Port Charlotte, Clearwater, Kissimmee, Melbourne, Daytona Beach, Ocala, Gainesville, Lake City, Sebring, Bradenton, Titusville, Panama City, Bonita Springs, Naples, St. Petersburg and Tallahassee.

Our rates for services are as follows:

Auto Appraisals (Donations, Bankruptcy, Divorce, Insurance Disputes) $125.00

Stated Value Appraisals (Antique & Classic Cars, Street Rods, Motorcycles, RVs, Trucks) $175.00

Auto/Truck/RV Condition Reports $225.00 and Up

Diminished Value Appraisals (Determines how much less your car is worth after accident repairs) $225.00

Personal Property Appraisals (Contents, Collectibles, Art, Antiques) $225.00 and Up

All other services and additional time when necessary  $75/Hr.

Expert Witness - Court Appearances, Depositions, Mediation $225/Hr.

You may obtain appraisals for Financing, Charitable Donation Tax Credits, Collateral, Damage Claims, Equitable Distribution, Bankruptcy, Estates, Insurance Stated Value, Purchase & Sale and Diminished Value.

Appraisals of Personal Property, Art, Boats, Classic & Custom Autos, Antiques, Collectibles & Memorabilia, Electronics, Machinery, Motorcycles & Choppers, Furnishings, RVs, Trucks & Heavy Equipment. Business Valuations specializing in all types of small businesses.

FIND US FAST IN THE REAL AT&T YELLOW PAGES


Keywords for this article: Antique Cars, Antiques, Art, Automobile, Business Equipment, Collections, Comics, diminished value, Memorabilia, motorcycle, personal property, Recreational Vehicles, Sports Cards, Street Rod, truck

Revised 08-28-2012
Updated 06-19-2013

Friday, April 16, 2010

AUTO DIMINISHED VALUE APPRAISER, SERVICE THROUGHOUT FLORIDA AND ALL 50 STATES


AUTOMOBILE DIMINISHED VALUE EXPERTS 
FORT PIERCE, Florida - If your vehicle has been wrecked and repaired, it has lost value. This loss in value is called Diminished Value. There are two types of Diminished Value. Inherent Diminished Value is, by far, the most common of the two. This supposes that the vehicle was properly repaired and the only diminution of value would be because the vehicle has a damage history. This makes the vehicle less desirable to buyers thereby shrinking the market, causing dealers to offer less in trade-in value. Repair Related Diminished Value is an additional amount that signifies poor workmanship and other improperly-done repairs. The State of Florida and all other states except Michigan recognizes diminished value.

The newer the subject vehicle is, the greater percentage of Diminished Value it will sustain after a collision loss. The circumstances of the loss, whether the vehicle was towed from the scene because of accident-related damages, whether the vehicle sustained frame, unibody, steering and suspension damages, etc. help to determine what a dealer will pay. If the subject vehicle is an older model or had prior repairs, the percentage of Diminished Value will be lower.

Diminished Value is owed to vehicle owners who were not at fault in the accident. If the liability insurance carrier for the at-fault party owes for repairing your damaged vehicle, they owe for the Diminished Value as well.

In some states the collision carrier is responsible for Diminished Value compensation. On November 28, 2001, the Georgia Supreme Court made a decision regarding automobile diminished value. It is known as Rule 17c. The court's decision, made it the law that all insurance companies doing business in Georgia must assess and pay for any loss in market value for vehicles damaged in a wreck and repaired, as part of the damages of the claim. In various states, the 17c formula has been overturned in courts many times. Most adverse rulings are based upon the market psychology of a “wrecked vehicle,” rather than an actual, identifiable and quantifiable loss in value.

Commissioner of the Florida Department of Insurance, knowing full well the difference between first party and third party claims, published Informational Bulletin 84-270 clarifying Florida law on the issue of diminished value, and requiring insurers to restore insureds’ vehicles to substantially the same function, appearance and value. The suggestion that this published Bulletin relates to third party claims rather than first party claims is misplaced. The Insurance Commissioner could have limited his statement to third party claims, but did not.

In fairness to all parties concerned, we calculate Diminished Value based on trade-in value rather than retail value. By doing so, vehicle owners obtain a fair settlement amount which insurance adjusters can live with. In general, the greater the value of the vehicle, the greater diminution of value occurs. The type of damage also has a significant impact on Diminished Value.

The St. Lucie Appraisal Company performs Diminished Value appraisals in all 50 states.  You are welcome to call or email us  with any questions you may have.

The St. Lucie Appraisal Company
P.O. Box 2700
Fort Pierce, FL 34954
Tel: 772-359-4300
Fax: 772-466-8400
eMail: contact@stlucieappraisal.net 
Web Site: http://stlucieappraisal.net/

AUTOMOBILE DIMINISHED VALUE APPRAISER IN ALL 50 STATES


paypal payment button The fee for an Automobile Diminished Value Report is $275.00. You may also make your Credit Card Payment by telephone, call 772-359-4300. Credit card payments can be made on the PayPal page. Click on "Don't have a PayPal account?" to be taken to the secure credit card payment page. 

After making your secure payment please email the body shop estimate or the insurance company appraisal to contact@stlucieappraisal.net or FAX to 772-466-8400.

NOTE: TESLA OR OTHER EXOTIC CAR OWNERS PLEASE CALL 772-359-4300 TO ARRANGE FOR AN AUTOMOBILE DIMINISHED VALUE APPRAISAL.