For the most part we only hear back from our clients when the at fault parties insurance company has a question about the Diminished Value (DV) report they our clients provide with their claim, after that we don’t; get feedback from folks. We recently sent out a survey to our DV clients to find out about their DV claim.
Keep in mind that Insurance companies will do anything they can to discourage you from seeking out your claim and some people have neither the time nor energy to settle their claim favorably. If you intend on getting your claim paid, DO NOT give up or accept no for an answer. That is what the insurance company is hoping for you to do. The insurance company knows exactly what their liabilities are and has calculated the associated risks, the claims process is designed to be frustrating, complicated and frustrate you to the point you drop your claim.
Look at these results… persistent people get paid on their Diminished Value claims!
Diminished Value claims can take up to 6 months to settle
56% have settled their claim in the last 12 months
32% in process
12% have given up their claim
Of the clients that have settled their claim…
28% received the full DV claim plus expenses
28% received full DV claim
22% received more than 50%
22% received less than 50%
33% received acceptable settlement on 1st contact
33% received acceptable settlement after 2nd or 3rd contact with insurance company
33% eventually received acceptable settlement with insurance company
Top ranked Insurance Companies for favorable DV claims - State Farm, Travelers, Geico, USAA
62% of denied claims are with City, County and State Government
8% of Clients were not satisfied with DV claim results
74% have kept their car after their DV claim