Ga. Comp. R. & Regs. r. 120-2-52-.06 Total Loss Vehicle Claims Georgia Administrative Code Department 120. RULES OF COMPTROLLER GENERAL Chapter 120-2. RULES OF COMPTROLLER GENERAL OFFICE OF COMMISSIONER OF INSURANCE Subject 120-2-52. FAIR AND EQUITABLE SETTLEMENT OF FIRST PARTY PROPERTY DAMAGE CLAIMS Current through Rules and Regulations filed through
Book1 Top 5 Car Makers by Total Vehicles in Operation Ford, 43 Million Chevrolet, 40 Million Toyota, 34 Million Honda, 23 Million Nissan, 17 Million Top 5 Car Makers by Percentage of Vehicles Older than 5 Years Scion, 88% Dodge, 80% Smart, 76% Chrysler, 75% Buick, 71% Top 5 Car
Collision Repair Estimate on Steady Rise Traffic levels — as well as accidents — plummeted during the pandemic as many people worked from home and rarely ventured out, body shops offset the volume shortfall by increasing estimates beyond normal monetary inflation. She says most shops reported a 15 to 20
March 2020 Automotive Market Update A quick recap of industry-related headlines over the last month: The market experienced record-breaking price increases this past week, as the supply and demand imbalance continued to drive up wholesale prices. We have been tracking these week-over-week price changes since 2009 and last week’s overall
Loyalty is defined by consumers who return and buy a new vehicle from the same manufacturer. The percentage shows how many clients return to buy a car from the same car maker. Loyalty List of Car Manufacturers – Alphabetical Aston Martin 51.60% BMW 68.30% Mini 50.10% Rolls-Royce 54.44% Alfa
54 New Car Dealerships Shut Down in 2020 The number of U.S. dealerships dropped in 2020 after steady gains for the last 10 years. Back in 2012 as the US was recovering from the great recession, there were 17,858 new car dealerships in America. the count at the beginning of
Auto industry data for March 2021. Wholesale values continued their gains l with all segments reporting increases in valuations. The mainstream car and truck segments had the largest gains, but the luxury segments are also seeing positive momentum. Remarketers raised floors last week and anticipate doing the same heading into
U.S. Automotive Social Media Insights – 2021 February 26, 2021 The U.S. Automotive Social Media Insights report delivers highlights to what customers are saying in their social media discussions about specific cars. The table below outlines the total volume of shared social media articles per car manufacturer or brand, as
The Body Shop Repair Decline of 2020 State-mandated stay-at-home orders and employees working from home during the pandemic significantly decreased the number of vehicles on the road, resulting in fewer accidents and body shop repairs. Rate of decline in repairable appraisal counts, excluding comprehensive losses, by quarter: Q1 Q2
Automotive Market Guide for February 2021 The wholesale price index continues to get stronger in what is beginning to look like an early start to the Spring market. The largest increases were in the Auto segments, but the bulk of the Truck segments also saw week–over–week increases. This Week Last Week 2017-2019 Average
Special IRS Depreciation Tax Benefit of Buying 6,000 lb Cars and Trucks. The informational guide and list in this article are updated for 2023. List of Vehicles with GVWR exceeding 6,000 lbs. Under the current tax law, vehicles with a GVWR of 6,000 lbs or more are exempt from annual depreciation
New Vehicle Inventory and Day Supply – January 2021 The current new vehicle inventory stands at 3 million for 1st time since May, marking weak demand for vehicles in 2021. Inventory – U.S. car and light-truck, on January 1, 2021. Days supply: Number of days needed to sell all vehicles
Diminished Value of Georgia, Appraisal Services and Price List – 2022 (PDF) 1- Vehicle Valuation Reports Diminished Value, Loss in Resale Value for Insurance Claims Total Loss, Actual Cash Value for Insurance Claims Classic Cars, Stated Value Needed to write an Insurance Policy Fair Market Value, Charity Donations (Including IRS
Recap of Auto industry-related headlines over the last week: Wholesale prices continued their decline last week, for the fourteenth week in a row. Average retail listing prices of available inventory have been essentially flat over the last two months, but overall pricing began to show signs of softening over the last three weeks. Full-Size Truck retail prices have
Article: The Collision Shop Sales Slump of 2020 (PDF) The Collision Shop and Car Dealer Service Department Financial Report for The First Half of 2020 Reveals The Following: 126 Million Repair orders written $51 Billion in Sales, compared to $64 Billion in Sales in 2019 A decline in all segments
Auction data reflects a brief pandemic-induced fall, then a sharp increase in prices this summer and autumn. Cars are supposed to depreciate over time, this pandemic has made an exception to this rule. Supply / Demand Imbalance Weak Supply and Shortages Factories shut down 6 to 8 weeks, no new
State Farm 17c Letter Below is a copy of a cookie-cutter letter State Farm Insurance sends their policyholders after they receive a demand for Diminished Value. The letter clearly references the Mabry V State Farm court case and the DV amount being offered is based on a formula from the
What is Negative Equity when it comes to an Auto Loan?
Negative Equity also called “Upside down”, is a situation that occurs when a consumer owes more on his vehicle’s loan than the vehicle is worth.
Example:
2018 Honda Accord
Actual Cash Value = $18,500
Balance Owed on Loan = $21,000
Equity = – $2,500 (Negative)
The average negative equity on vehicle trades has been rising steadily for years, reaching a record high in April 2020 at $5,035. This is due in-part to very long finance terms (60 month, 72 months and 84 months).
Negative Equity Comparison 2019 V 2020
The table below shows the average negative equity amount as recorded by dealers at the time of trade-in.
Top 5 reasons why people take their vehicles to a dealership express service for basic maintenance Trust dealership-trained technicians, 44% The dealership is near where I work or live, 30% The price is reasonable, 11% I want parts made specifically for my vehicle, 8% I can make an appointment, 7%
2021 Models Cash Rebate Financing Special Rates Ford EcoSport $ 2,500.00 0 to 8.9% F-150 $ 1,500.00 0 to 8.9% Bronco Sport, Expedition 0 to 8.9% Expedition Max, Explorer 0 to 8.9% Mustang Mach E 0 to 8.9% Lincoln Aviator, Corsair 1.9% to 5.9%
Would you rather collect 80% of an accurate appraisal or 20% of an inflated one?
Many clients believe that if another appraiser gives them a higher initial estimate, the settlement amount will be equally high. WRONG!
Insurance companies know who the legitimate appraisers are, so don't get caught up in the estimate game. Hire an appraiser based on their credentials and reputation.
Seven things to look for when choosing an appraisal company
Wondering how much your vehicle lost in Value? Click the button to know more.
Diminished Value of Georgia is powered by Appraisal Engine Inc™ | All Rights Reserved.
