I have a monthly radio show the first Friday of each month on WESR on the Eastern Shore of Va. This month I did a segment on Diminished Value, many consumers have never heard of diminished value and the insurance companies would like to keep it that way. I was just reading an article on
http://www.autoloss.com that explains diminished value very concisely. I share some of the article here and you can use the link to read the full article.
Thank you for your time,
Lawrence K. Land, P.C.
It has been estimated that
55% of consumers would not buy a car that has been in an accident. 81% would not havea car that had been in a wreck unless they were given a
large discount. Our
survey results show the stigma may be even higher.
Insurance companies generally do not acknowledge the right to recover diminished value!
their online article (later removed from State Farm's website)
"Diminished value fact or fiction?" State Farm has tried to discourage consumers from attempting to recover diminished value.
We disagree. Many time the claimants are not made aware of compensation for diminished value. Insurance companies would have you believe they are your advocates when in reality they are your adversaries. Many times insurance companies will reward their adjusters based on minimizing settlements.
When a demand for diminished value is made, insurance companies may deny diminished value has happened. Some insurance companies give adjusters scripts to help them lower the value of claims. Claimants need to support their claims with an expert evaluation that diminished value has occurred.
For the full article;
http://www.autoloss.com
Category: Vehicle Accidents
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