Your Cars After-impact Diminished Value
The(ACV)Actual Cash Value Policy DOES NOT insure the property itself but the VALUE of the property.
Okay let's say the insurance company chooses to "Repair" their insureds damaged property (as is their option within their contract of insurance). HOWEVER, such an election DOES NOT relieve them of their contractual duty to restore the Pre-Loss VALUE of the motor vehicle.
To whatever extent such repair's fail to restore that motor vehicles Pre-Loss VALUE , should be tendered to the policyholder in cash - - and failure to do so is nothing less than insurer fraud! (AND YET, the majority of them will NEVER restore the car to its Pre-Loss VALUE and when you ask them for cash they'll laugh out loud at your "Foolishness")!
Items are all too often repaired improperly or overlooked completely.
Several of these typical repair-related items could be: Poor quality repairs, improper welding, or flawed refinish operations.
"Diminished Value" is clearly owed and if a vehicle has not been brought back to it's pre-accident function, appearance, safety, and value. QUESTION: "How often is this done?" ANSWER: " If they can get away with it - - Never!"
THERE ARE THREE BASIC TYPES OF DIMINISHED VALUE
#1. "Inherent Diminished Value": This is the automatic and unavoidable loss of market value simply due to the fact than a motor vehicle has been involved in an accident. It many cases it's mandatory that previous damage is made known to a prospective buyer. QUESTION: "Is a prospective buyer told that the motor vehicle has been in an accident?" ANSWER: "NO!"
#2. "Insurance Related Diminished Value": This comes to pass due to oversights and/or omissions by the insurance company on their appraisal. And also, because of the use of "Imitation Replacement" parts. QUESTION: "Is ANYBODY ever made aware of this?" ANSWER: "No, Dan Baldyga was in the business of Insurance Claims for 35 years, and I NEVER knew anybody who was made warned of that!"
#3. "Repair Related Diminished Value": This is the amount which the motor vehicle was depreciated due to improper or incomplete repairs, poor quality repairs, and/or un-repaired items that were compensated for within the insurance appraisal. QUESTION: "Is the insured or the person who is about to buy that car told this?" ANSWER: "You've got to be kidding!"
Auto repair shops (even the most advanced) do not have access to the type of equipment and it's IMPOSSIBLE for them to afford such technology that a manufacturer can. And, that being the provable case, you're not going to be returned your car in the absolutely perfect value it was when it came off the assembly line!
It's a fact of life that should a potential buyer discover the motor vehicle one is about to buy has been in an accident that it's going to be worth less money. Because of that almost every damaged motor vehicle will have some possible inherent "Diminished Value" which can evolve into an actual loss to the consumer. This loss is owed by the insurer (due to their alleged promise in which they've implied to their insured within the confines of their insurance contact with them) that would be made "Whole".
PLUS THERE ARE MANY OTHER "REPAIR PROBLEMS". (The following are 4 of the most potential of them bubbling and boiling under the surface):
#1. Most consumer's don't know what kind of parts they're getting. They assume their motor vehicle will be restored to its pre-crash condition.
#2. Too often the "Imitation Parts" don't match the car's contours leaving an all too often impossible mess to correct.
#3. When it comes to fenders there are "Fit Problems". Some require widening the holes or using shims. Many don't match the contour of the car and require significant reworking.
#4. Replacement bumpers often need to be re-drilled or widened leaving large gaps or uneven surfaces.
DISCLAIMER: The only purpose of this article "YOUR CARS AFTER-IMPACT DIMINISHED VALUE" is to help people to understand the motor vehicle accident claim process. Neither Dan Baldyga, Christoper M. Knight nor EZINE ARTICLES make any kind of guarantee of any kind whatsoever, NOR to substitute for a lawyer, an insurance adjuster, claims adjuster, or the like. Where such professional help is desired IT IS THE INDIVIDUAL'S RESPONSIBILITY to obtain said services.
Dan Baldyga's third and latest book, AUTO ACCIDENT PERSONAL INJURY INSURANCE CLAIM (How To Evaluate And Settle Your Loss) can be found on the internet at http://www.caraccidentclaims.com or http://www.autoaccidentclaims.com. This book reveals "How To" successfully handle your motor vehicle accident claim so you won't be taken advantage of. It also goes into detail regarding the revolutionary BASE (The Baldyga Auto Accident Settlement Evaluation Formula). THE BASE FORMULA explains how to determine the value of the "Pain and Suffering" you endured - - because of your personal injury.
Copyright (c) 2005 By Daniel G. Baldyga. All Rights Reserved
Dan Baldyga - Author
dbpaw@comcast.net
http://www.autoaccidentclaims.com or
httpf://www.caraccidentclaims.com
Dan Baldyga is a retired Insurance Claim man. He was an Adjuster, Supervisor, and Claims Manager for 30 years and then spent anoter 5 as a Trial Consultant. He has written 3 highly successful "How To" Automobile Accident Books. He can be reached at dbpaw@comcast.net.
Related Articles:
Car Forum Participation And The Benefit It Brings
With increasing number of car technologies, car models and car issues, participating in a car forum will prove to be very rewarding for any car enthusiasts who want to be clarified about things that relate to car industry.
Insurance Tips for Classic Cars, Kit Cars, and Special Vehicles
Do your own a classic car or special vehicle? Has your regular insurance company turned their backs or made the premium so high that you are thinking of selling your car to buy bread?Well, fret not.Here are a few quick tips to get your car insured.
A Broker Can Find You Good Value Car Insurance
When it comes to finding good value car insurance a broker can do this much easier than the individual can. A broker has the means to search within the bulk of the motor insurance market place on your behalf and gather together the cheapest quotes possible. Insurance will vary depending on your particular circumstances and among the different providers, so getting as many quotes as possible will lead to making the best savings.
'Super Premium' In-Car Entertainment Market Set to Grow According to just-auto.com
just-auto reveals a promising future for super premium In-Car Entertainment (ICE) during an exclusive interview with new automotive entrant Bowers & Wilkins.
Which Is The Better Option; Car Leasing Or Car Buying?
Buying or leasing; this is a dilemma all people venturing to buy a car often faces. There is no steadfast rule stating which the better option is; however both have their share of advantages and disadvantages which have be considered before making the final decision.
Car Sponsorships Are Hard Work; A New Web Site, GetACarSponsor.com, Makes it Easier
Realizing the need to provide a common ground for people just getting started in the automotive sponsorship industry and those who are seasoned vets, GetACarSponsor.com rose to meet the demand. Members can find valuable information and industry contacts, which helps level the playing field on this new web site, launched on January 1, 2008.
Attorney Carol L. Schlitt Wins a Reversal by the New York Court of Appeals on Bronx Car Accident Case
On February 12, 2008, the New York Court of Appeals issued a unanimous decision reversing an Appellate Court decision in the case of Markking Smalls v AJI Industries and Jahkim A Jenkins. Carol L. Schlitt, trial counsel for the plaintiff, hailed the decision, "The court agreed with our contention that Mr. Smalls deserves to have his full case heard by a jury."
Debt Consolidation – Be Careful When Trading in Your Car
The automobile has long been recognized as the classic American status symbol. America's millions of miles of roads and overall lack of long-distance mass transit leave the automobile as the primary method of transportation for most Americans.
What?s the Buzz Behind the Smart Car?
Smart cars are manufactured by a Micro Compact Car AG The company has its? headquarters in Switzerland and produces a lot of its cars in France
Car Insurance Discounts
Trying to save money wherever you can is important to us all. Insurance should be no different.