INFORMATION
Do I Have a Claim for Diminished Value?
Very Possible. However, it depends on a few things like where you live and what happened. Laws are different between states. Take just a few seconds to fill out this short form and we can help you determine if you qualify.
PLEASE don’t let the insurance company tell you whether or not THEY think you qualify.
“The person who owes you money should NEVER be allowed to determine how much they owe you!”
Did you know?
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It makes no difference who’s at fault when filing a Diminished Value claim.
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Your insurance premium CANNOT increase due to a Diminished Value payout.
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By law, insurance companies are required to pay Diminished Value.
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You don’t have to hire an attorney to help you collect Diminished Value but might want to for bodily injury.
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The insurance company CANNOT cancel your policy for collecting Diminished Value.
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$15,000 is the maximum you can sue for in a Georgia magistrate court.
Next Steps
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If you think your vehicle may have suffered diminished value, contact us via email at eap@expertassetprotection.net. You can also call us at 470-935-00DV to get further clarification of our services.
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If you have an offer from the insurance company and are unsure if it is fair, let us review it for you free of charge. If our assessment is consistent with the insurance company’s offer, then you’re good... ask them to send you a check and don’t forget to refer your friends and family!
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Most of the time, however, the insurance will make you an offer based on the 17c formula which will be lower than accurate (some times thousands less than what is accurate). That is where we help you receive the maximum return as compensation for your Diminished Value.
Example Diminished Value Claim:
Your one-year-old vehicle is worth $50,000. One day, you're hit by another car, causing $6,000 in damage. Your insurance company pays for the repairs. Your newly repaired car is still worth, $50,000 right?
WRONG!
Although your body shop does an excellent job, and your vehicle looks as good as it did before the accident, it's now much less desirable having been in a collision. This can impact your vehicle's value by as much as 40% …… Far more than the arbitrary 10% cap of the 17c formula!
When you try to sell/trade the vehicle, the buyer would no longer be willing to pay you $50,000, but instead might offer $39,000. In this case, the diminished value would be $11,000.
$50,000 before accident - $39,000 sale price = $11,000 in DV!
Your claim for diminished value can be paid by your own insurance company or the other party's company.
First Party v. Third Party
When involved in an auto accident and when filing a claim under an insurance policy, it is important to differentiate the relationship of the parties. First parties are typically the person responsible for the collision and whose own insurance company will pay the claims (both to fix the insured’s vehicle and the other party’s). A third party is typically the person not responsible for the collision. In other words, the first party is the one at fault causing damage to the third party.
It is very important to differentiate between both claim types.
First Party Diminished Value Claims:
Your insurance policy is a contract between you and your insurance company, your claim recovery is therefore subject to contract law. This, like Tort law, differs from state to state. Insurance companies use certain formulas to calculate Diminished Value, if you and your own insurance cannot agree on a settlement amount, your policy contains guidelines that determine the process in which a dispute can be handled. This is called the appraisal clause.
Appraisal Clause:
What is the appraisal clause?
On a first party claim, if you fail to reach a settlement with your own insurance company, you have the right to invoke your policy’s appraisal clause.
What does the appraisal clause say?
A. If we and you do not agree on the amount of loss, either may demand an appraisal of the loss. In this event, each party will select a competent appraiser. The two appraisers will select an umpire. The appraisers will state separately the actual cash value and the amount of loss. If they fail to agree, they will submit their differences to the umpire. A decision agreed to by any two will be binding. Each party will:
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Pay its chosen appraiser; and
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Bear the expenses of the appraisal and umpire equally.
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We do not waive any of our rights under this policy by agreeing to an appraisal.
To determine if you qualify, take just a few seconds to fill out the form below and we will be in touch with you in just a matter of hours to discuss YOUR situation and how we can help.
Third Party Diminished Value Claims:
Since no contract exists between your insurance company and another party, the claim recovery falls under “tort law”.
Tort law has provisions that would allow a claimant to be compensated for direct and indirect losses caused by the other party’s negligence.
Direct Loss: This is the sheet metal or physical damage to your vehicle.
Indirect Loss: Loss of use, pain and suffering, diminished value etc…
Since there is no contract between you and the other party’s insurance company, and since there is no law quantifying Diminished Value, to be brought back whole, and to avoid going to court, both parties will engage in a negotiation process.
To determine if you qualify, take just a few seconds to fill out the form below and we will be in touch with you in just a matter of hours to discuss YOUR situation and how we can help.
DV Law in Georgia
Georgia is the only state where you can demand diminished value compensation if you are the 1st Party. You can rightfully expect diminished value compensation in ALL 50 states if you are the 3rd Party. The Supreme Court of Georgia, in "State Farm Mutual Automobile Insurance Company v. Mabry et al., 274 Ga. 498 (2001)," ruled that insurers owed their insured for Diminished Value of their vehicle following an accident. In response, insurance companies in Georgia have attempted to utilize a Diminished Value formula referred to as "Rule 17c." (17c is discussed on our Diminished Value page). Typically, the 17c formula pays pennies to the dollar of what is really owed to consumers for Diminished Value.
If you are a resident of Georgia give Expert Asset Protection a call today. You will talk to an expert adjuster who will inform you of your rights free of charge. If you are not being offered a fair amount for Diminished Value we can help you dispute the settlement amount by asserting the “Appraisal Clause” in your policy (if you are the 1st party). Be certain, and exercise your right to a competitive appraisal.