Kansas Diminished Value Claim
It is universally accepted that in every state Diminished Value is owed to the claimant by the at fault party. In Kansas the insurance companies owe Diminished Value to their policyholders as well which is great news for consumers.
Diminished Value in Kansas
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.” Rule 17c is actually a fall back method of measuring Diminished Value in the absence of any other documentation determining Diminished Value. A Diminished Value Appraisal from Autoloss is a documented measure of Diminished Value that prevails over the Rule 17c method. We at Autoloss feel that Rule 17c is unfair to consumers. Typically, “Rule 17c” pays pennies to the dollar of what is really owed to consumers for Diminished Value. Autoloss works hard to educate consumers so they can get a fair Diminished Value Settlement.
Related to the “Mabry vs. State Farm” case, Georgia Insurance Commissioner John W. Oxendine has issued this news release about his Directive No. 01-P&C-1 ordering insurance companies to “cease using any language which implies the Department has endorsed a particular formula or method to determine diminution of value.”
If you are a resident of Kansas — give Autoloss a call today at (877) 655-1661. You will talk to a licensed public adjuster that 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. Information is power, and during the free consultations we will inform you of your rights and how we can best serve you. We at Autoloss want to help you get what is due to you.
About Diminished Value Claims
Diminished Value refers to the reduced value of a vehicle simply because it has a significant damage history. Even after the vehicle has been repaired to it’s optimal value, the market value of the vehicle may still be reduced. There are three types of diminished value that your case may fall under:
1. Inherent Diminished Value: This type of diminished value refers to the loss of value of a vehicle simply because it has been in accident. Even after the vehicle has been fully repaired, it may still be considered less valuable than a car that has no accident history. This type of diminished value is the most common and most highly accepted.
2. Repair-Related Diminished Value: A vehicle that experienced an accident and was not repaired properly may experience repair-related diminished value. Whether the car still has cosmetic damages or structural damages, it may experience loss in value due to incomplete repairs.
3. Immediate Diminished Value: Right after a vehicle has experienced an accident, it may lose value even before the owner has the chance to make repairs. Immediate diminished value can be calculated as the difference in resale value of a vehicle before the damage occurred and the resale value before repairs have been made after damage has occurred.
When you need to know the true value of your vehicle, an auto appraisal by a professional at AutoLoss can help to make sure that you receive the best value for your unique vehicle. An auto appraisal takes into account the full history of the vehicle and provides you with an expert opinion on the vehicle’s value that you can then present to the bank, credit union, potential buyers, and insurance companies. There are many reasons as to why an individual may need an auto appraisal, which is why company’s such as AutoLoss provide a variety of Auto Appraisals.
A Stated Value Appraisal can help to establish the true market value of a vehicle that may be required from a bank, credit union, or insurance company. A Loss of Use Appraisal helps to value a business’ vehicle that has been involved in an accident but was necessary for business operations. This type of auto loss appraisal can help recover the value of the vehicle’s service to business. A Lease Termination Appraisal is best for individuals looking to get out of a lease early, and are determined by the vehicle, the market, and miles on the vehicle. Luxury Automobile Appraisals are another type of Auto Appraisal that help protect an individual’s investment. This type of appraisal ensures that the full value of the luxury vehicle is realized and proven. Auto Appraisals are also valuable for individuals looking to donate their car for tax write off purposes.
Total Loss Appraisals
When your vehicle is considered a “total loss”, the insurance company may make you an offer that is less than your desired amount. “Total Loss” of a vehicle refers to when the cost to repair the vehicle exceeds the cost of the vehicle’s worth. After damages occur, an insurance company may make you an offer for the cash value of the totaled vehicle minus your deductible on your comprehensive or collision coverage. A Total Loss Appraisal will ensure that this offer from the insurance company is accurate and provides you with the best value for your damaged vehicle.
Do I have a right to get my own appraisal on an insurance claim?
YES! Both you, and your insurance company have a right to an appraisal. It is always wise to hire your own impartial, licensed appraiser to determine the value of your loss. Your insurance company may not protect your best interests with their in-house or computerized appraisals. When you protect yourself with an independent appraisal, your insurance company is obligated to negotiate a loss settlement using both.
Do I need a special appraisal or special insurance for my collector car?
Yes. Collector car insurance uses an appraisal to determine the fair market value for your collectible-quality vehicle. Most owners of collector cars carry standard insurance, which may result in less than half the compensation in the event of a loss.
If you choose not to carry special insurance, get a professional appraisal of your collectible vehicle on file with your insurance company, and demand a specific endorsement to protect your investment.
Do I need an appraisal if I’m donating my vehicle to charity?
Yes. On vehicles worth more than $5,000, the IRS requires a professional appraisal to receive your tax write-off. It is still recommended for vehicles under $5,000 to prevent any unnecessary scrutiny from IRS auditors.
If you are a resident of Kansas – give Autoloss a call today at (877) 655-1661. You will talk to a licensed public adjuster that will inform you of your rights free of charge. We at Autoloss want to help you get what is due to you.