WE ARE THE BEST AND MOST TRUSTED AUTO DIMINISHED VALUE APPRAISERS IN THE COUNTRY. OUR COMPANY VALIDATES OUR DIMINISHED VALUE RESEARCH BY SPEAKING TO THE SALES MANAGERS AT SIX NEW CAR DEALERSHIPS IN YOUR AREA. THIS SUPPORTS OUR EXPERT OPINIONS, PROVIDING PROBATIVE EVIDENCE TO STRENGTHEN YOUR INSURANCE CLAIM OR COURT CASE.
When someone wrecks your car, after it is repaired (or not – it is not necessary to have repairs done in order to file this claim) you will be filing a Third-Party Inherent Auto Diminished Value Claim. Third-Party means that you are a claimant; not an insured. Inherent means something that occurs naturally as a part or consequence of an action. Auto Diminished Value means the loss in value your car experiences after undergoing accident repairs. A claim means that you making a demand for compensation from the insurer of the responsible party.
If your car was in an accident that was not your fault, the property damage portion of the responsible party’s GEICO insurance policy guarantees to make you whole. This includes payment for car repairs, medical bills, compensation for pain & suffering, automobile rental fees as well as diminished value. Payments can be made up to their insured’s policy limits.
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After your accident, you will take your car to a collision shop where the estimator will assess the damage and come to an agreed price of repairs with the insurance appraiser. Most car owners carrying collision coverage proceed through their own insurance company who will then seek reimbursement of those costs from the insurer of the responsible party. This is known as subrogation. Check with an attorney whether you should file a Halt Subrogation letter that would put you first in line to be paid.
Subsequent to completion of the repairs, your car – now having an accident history – is worth less to any potential buyer. Whether the car is sold privately or traded in to a dealer, you would take a hit. How much depends on how severe the damages were. Note: It is not necessary to sell or trade your car in order to be compensated for its diminished value.
Insurance companies have a duty to investigate any evidence you provide, however, most do not. Rather, it is more common to be told that, since the car was properly repaired, there is no loss in value. Alternatively, a low-ball offer may be tendered. The claims handling and responsiveness of most large insurance companies often leaves much to be desired. Insist that GEICO handle your claim carefully, diligently, in good faith and in a timely manner.
The quality and objectivity of your evidence is the key to success in receiving an adequate settlement. The vast majority of claimants who take it upon themselves to produce reports showing KBB estimations or online do-it-yourself formulas fail to accomplish anything. GEICO routinely informs claimants that their data failed to prove any loss in value. It isn’t only insurance appraisers that use formulas, algorithms, book value and online ad comparisons. Most independent appraisal companies you might consider hiring also use the same short cuts. In order to persuade GEICO to pay their fair share, a claimant needs to produce a diminished value appraisal based on real-world, data-driven research.
We have extensive experience dealing with GEICO throughout the country. Insurers’ claim services vary in quality from region to region. GEICO may roll out pilot programs from time to time to contend with the growing number of people becoming acquainted with their rights to pursue third-party inherent diminished value claims. Insurance company provisions for claims and expenses are often updated.
The key to obtaining a fair claim settlement is developing a sound settlement strategy. Convincing GEICO’S claims supervisors – and you will need to escalate your claim to a higher authority in order to get any traction – that your appraisal would prevail in a court of law is key. GEICO’S defense attorneys normally perform a litigation risk assessment in order to advise on the probability of success if a case goes to trial. The insurer correctly assumes that most claimants do not wish pursue litigation. They also know that claimants may have trouble finding an attorney to take on a small auto diminished value case where no personal injury was involved. A strong appraisal based on applied research, however, at least clarifies that they would likely lose in court. GEICO has little interest in defending these cases but when a claimant presents an independent appraisal having no probative value, the insurer will likely invite you to sue them by denying your claim. Keep in mind, any legal action would be taken against the responsible party, not against GEICO directly.
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