TOTAL LOSSES AND DIMINISHED VALUE - DISPUTING AN INSURANCE COMPANY'S UNFAIR SETTLEMENT OFFER - WHAT ARE YOUR CHANCES?

FLORIDA APPRAISERS
http://stlucieappraisal.net/

MIAMI - It's not only folks like you and I who are tightening our belts these days. Businesses both large and small have also been forced to cut costs. Here in Florida we have felt the effects more than in other parts of the country. Unfortunately, in the case of insurance company claims adjusters, a major focus is on keeping a very strict eye on claims payouts. Auto body shops are generally the victims of cost cutting but when your own automobile or truck is totalled, the victim becomes you. Using updated formulas and guidelines, the insurers' goal is to offer the smallest settlement amount possible for your total loss or diminished value vehicle. The days when simple book values used to serve as measuring sticks for guaging the value of a car, truck, RV or motorcycle are gone. In their place are computerized reports sometimes using completely unrelated or undocumented vehicles from places halfway around the country as examples. Diminished Value claimants are also virtually assured of coming across an insurance adjuster with charts that show how certain types of damage repairs more-or-less affect the amount of Diminished Value sustained. Tell that to your automobile dealer come trade-in time. And if you've done any custom work to your car, truck or RV, chances are the insurer will only be willing to offer a fraction of what would be fair compensation no matter how many invoices and estimates you provide. Should you dispute the insurance company's settlement offer? Are they guilty of unfair claim practices? Should you hire an independent appraiser to determine the value?

Insurers who are guilty of unfair claims practices are sometimes made to pay dearly when matters proceed to trial. At the very least, simply to avoid paying their lawyers, an insurance company is more likely to settle with a claimant who has presented a properly-prepared appraisal from a licensed independent appraisal firm. In Florida, The Department of Financial Services can provide a list of names. In other states where appraisers are licensed, check with that state's Insurance Department.

High value cars and trucks are where the greatest disparities between low ball settlement offers and fair market values are found. The difference can reach tens of thousands of dollars, especially where modified and luxury cars, heavy trucks and upgraded RVs are concerned.

Compared to high end vehicles and RVs, typical total loss and Diminished Value claims involving passenger cars, small trucks and SUVs are far more numerous. While it would seem that agreeing on these fair market values would be relatively simple, the opposite is true. The gaps between insurance company settlement offers and fair market values shrink somewhat on these vehicles but claims adjusters are every bit as diligent at saving a few bucks for the company. When your car is being repaired, your body shop does the negotiating. But when the claim involves a total loss or diminished value, you're on your own. Taking care not to cross the line into unfair claims practices, many insurers simply use the valuation sources that provide the least compensation as guidelines for making their settlement offers. It is up to you, the consumer, to do some homework. Obtaining the approximate value of your vehicle is easy with all of the online resources available. Still not getting any satisfaction? Put a State of Florida licensed independent appraiser to work for you.


The St. Lucie Appraisal Company
P.O. Box 2700
Fort Pierce, FL 34954
Phone: (772) 359-4300
Fax: (772) 466-8400
Email: contact@stlucieappraisal.net

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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, Orlando, Pensacola, Fort Myers, Sarasota, Port Charlotte, Clearwater, Kissimmee, Melbourne, Daytona Beach, Ocala, Gainsville, 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

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

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

You may obtain appraisals for 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, Collectibles and Memorabilia, Electronics, Machinery, Motorcycles & Choppers, Furnishings, RVs, Trucks & Heavy Equipment. Business Valuations specializing in all types of small businesses.