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Your Car's After-impact Diminished Value
by
Daniel Baldyga Platinum Quality Author
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.
Dan Baldyga makes 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
http://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.
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