Articles
Below are a collection of articles that are full of important information regarding diminished value claims.
Essentials of an Effective Diminished Value Report
If you are seeking a Diminished Value claim on a vehicle, when filing the claim with the insurance company, one essential element is the Diminished Value report. Not all reports are created equal. It’s important that it lays out all the important details, stating your case in the most effective manner possible. Here are some of the most crucial details to include:
Identifying Features of the Vehicle
This is fairly rudimentary stuff, but it’s important to have a detailed layout of all the identifying features of the vehicle in the report, from the make and model, all the way to the smallest of upgrades.
Damage Assessment
Your diminished value report should include a thorough assessment of the vehicle’s damage. This starts with a detailed report of the condition the vehicle was in prior to the accident, which helps establish the pre-loss fair market value.
There is no one-size-fits-all approach, since every vehicle depreciates differently, depending on various factors, such as market demand, brand, and manufacturing quality.
Local Comparables
When you are making a case for what your vehicle is worth, a comprehensive list of local comparables is essential. The diminished value report should include four or more dealer-advertised prices on vehicles that closely resemble yours, including the year, make, model, body style, engine configuration, and other optional features. Dealer examples are preferable to a private party since laypeople will have a higher probability of placing an unrealistic price on their vehicle than the professionals at a well-established and reputable dealership.
The DV Expert’s License Numbers
Just as with any professional service, you want verification that you are dealing with someone who is licensed and accredited in their field. When you have your vehicle professionally appraised, your diminished value expert should always include their appraiser license number in the report to establish the validity of the expert opinions and research expressed in the report.
Dealer Testimonials
One of the more powerful aspects of our diminished value reports is the testimony from car dealerships that sell the same types of vehicles. Having a list of professionals giving their unvarnished opinions about how the damage affects the resale value, and in many cases how they might not even bring the vehicle on their lot, is a powerful element to your argument.
Does your vehicle appraisal company work for you or do they work for the insurance company? Autoloss is the only national appraisal company that works just for consumers. If you have a diminished value claim and want an expert report prepared on your behalf, contact us today.
States with the Highest (and Lowest) Car Insurance Rates
If you’re in the market for new car insurance, depending on where you live, you may also want to be in the market for a new residence. Here is a look at some of the most and least expensive car insurance rates by state, according to a recent survey by insure.com.
Most Expensive
1. Louisiana (Average Premium: $2,699)
It may be known for the free-spirited Mardi Gras, spicy food and hot jazz, but the party gets rained on by the fact that residents of the Bayou State also pay the highest insurance premiums in the Union.
While Louisiana has had the misfortune of catastrophic natural disasters, rate are affected by a high rate of comprehensive claims, their drivers file more bodily injury claims than those in other states.
2. Michigan (Average Premium: $2,520)
Why such high premiums in the Wolverine State? Maybe it has little something to do with the fact that Michigan guarantees unlimited, lifetime personal injury protection (PIP) in car accidents. No other state does this.
A Michigan car insurance company pays up to $500,000 for car accident- related medical treatment for the policyholder, their household family members, and passengers if they don’t have PIP coverage. In comparison, Florida caps its PIP coverage at $10,000.
3. Georgia (Average Premium: $2,155)
According to Georgia’s Department of Insurance Consumer Services Division, “The minimum limits of liability required under Georgia law are Bodily Injury Liability of $25,000 per person, $50,000 per occurrence and Property Damage Liability of $25,000 per occurrence.”
Some in the insurance industry think premiums are high because carriers underpriced the market and are playing catch-up. Six-lane bumper-to-bumper traffic in Atlanta may not help either.
Least Expensive
1. Maine: (Average Premium: $934)
The top two in affordable premiums are terribly shocking, given their predominantly rural spaces. Main is not only rural, but drivers need to be diligent about driving defensively in harsh winter weather.
The state is also strict with young drivers. Before teens can get their learner’s permit, they must complete a state-approved driver education course. There’s also a three-step licensing system that gives amateur drivers some experience on the road in lower-risk scenarios. For instance, the “intermediate license” restricts drivers under the age of 18 from having passengers other than immediate family members. Driving between midnight and 5 a.m. is off limits as well.
By the way, Maine is #51 in insurance rates, since Washington DC is included in the mix.
2. Iowa (Average Premium: $1,028)
Again, a rural state with fewer chances of being in an accident. Its largest city is Des Moines, with a little more than 200,000 residents.
3. North Carolina (Average Premium: $1,085)
North Carolina enjoys one of the lowest insurance rates in the country. It’s an interesting time, though, since there’s a much-debated state senate bill (SB 154) to be voted on. Proponents say it will ease bureaucracy and lower rates for safe drivers while opponents think it gives too much power to the insurance industry.
