Tuesday, November 23, 2010

WHY IS ST. LUCIE APPRAISAL THE BEST DIMINISHED VALUE APPRAISER IN FLORIDA?


THE BEST AUTOMOBILE DIMINISHED VALUE APPRAISER
 
MIAMI, Florida - What makes someone the best at something? My one-word answer would be "results." Good results obtained on a consistent basis should be the primary qualifier. Subsequent to that I'd start to define categories such as "timeliness" and "accuracy" and then sub-categories such as whether claims adjusters found valid reasons to dispute the appraiser's findings. Diminished Value claims in all 50 states, especially in Florida, are becoming more common so insurance companies have prepared formidable defenses against large payouts.

Whether or not you are entitled to compensation for diminished value isn't at issue because you are. If your late-model car was hit by an at-fault third party, despite perfect repairs, it has lost considerable trade-in value. In the case of a luxury car or SUV, depending on the type of damage, mileage, etc., the sum of Diminished Value could exceed ten-thousand dollars.

What many Floridians are learning is that presenting the insuror with a DV claim without an ironclad appraisal produces less than ideal returns. Their adjuster will offer a token sum, usually five-hundred or a thousand dollars even though you presented an appraisal for thousands more. The Wikipedia page on Diminished Value states the following: Some insurance companies use a formula called 17c to determine diminished value, this formula is inaccurate and generates values not consistent with current market data.

Appraisals prepared using a formula such as Georgia's 17c Formula which is as follows:
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ELEMENTS OF LOSS OF VALUE FORMULAS

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ACV - For purposes of our calculations, we will use the NADA retail value, including additions and subtractions for options and mileage. The NADA edition applicable at the time of loss of value claim is presented should be used.
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BASE LOV - As is the case in most loss of value formulas, we will use 10% of the ACV as a starting point in our formula.
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DAMAGE SEVERITY MODIFIER - This is the subjective decision which must be made by the adjuster. The nature and extent of damages should be based on the actual physical damage sustained by the vehicle, without using the cost to repair as a basis. The modifier can be from 0.0 to 1.0 with 1.0 reflective of extensive damages. It should be stressed that in some minor accidents the 0.0 modifier is appropriate as no loss of value would have been sustained. A basic guide for the damage severity modifier is as follows:
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MODIFIER EXTENT OF DAMAGE
1.0 Severe damage to the structure of vehicle.
0.75 Major damage to structure and panels.
0.50 Moderate damage to structure and panels.
0.25 Minor damage to structure of vehicles.
0.0 No structural damage and replaced panels.
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As this is subjective decision, the modifier can be adjusted as necessary to fit the damages. (EXAMPLE 1 - No frame damage, a replaced bumper and repaired body panel may call for a modifier of 0.1.
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EXAMPLE 2 - Heavy frame damage to the front with moderate additional damage to the rear may call for a modifier of 0.85.)
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MILEAGE MODIFIER - Generally, when a vehicle reaches 100,000 miles, it no longer has a realistic market value. There may be some cases where that is not so, but for most cars this figure should be accurate. The modifier is a factor of the actual mileage of the vehicle and the mileage where the vehicle no longer would be considered for retail resale by a dealer. The modifier can be from 0.0 to 1.0 reflective of zero miles. A basic guide for the mileage modifier (based on 100,000 mile limit) is as follows:
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MILEAGE MODIFIER
0 1.0
20,000 0.8
40,000 0.6
60,000 0.4
80,000 0.2
100,000 0.0
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The modifier should be adjusted to reflect the actual mileage based on the following:
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MODIFIER - MAXIMUM MILES FOR RETAIL SALE - ACTUAL MILES
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MAXIMUM MILE FOR RETAIL SALE
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APPLICATION OF LOSS OF VALUE FORMULA
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10% of ACV x Damage Modifier x Mileage Modifier = Loss of value

The inherent flaws found in the formula aside, insurors have taken the 17c Formula and amended it further to meet their needs which are basically to pay you as little as possible.

If you or your attorney needs to hire a Diminished Value Appraiser, insist that the appraisal be done on the basis of actual dealer opinions rather than use of a formula. The advantages of this approach are not so much that the results are indisputable but that the insurance adjuster, in order to refute your appraisal, will need to go through the same time-consuming procedure. Most of them won't do it simply because it isn't cost effective. The St. Lucie Appraisal Company prepares all Diminished Value Appraisals on the basis of dealer opinions. The majority of our clients are fairly compensated by the responsible party's insuror.

Good results obtained on a consistent basis is our goal. It's what it takes to be the best Diminished Value appraisers in Florida and every one of our 50 states.


P.O. Box 2700
Fort Pierce, FL 34954
Phone: (772) 359-4300
Fax: (772) 466-8400

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, Gainsville, Lake City, Sebring, Bradenton, Titusville, Panama City, Bonita Springs, Naples, St. Petersburg and Tallahassee.

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.