Diminished Value of Georgia, Atlanta’s #1 auto appraisal company, helps claimants achieve higher insurance settlement amounts on loss-in-value claims.
ATLANTA (September 26, 2014) – Diminished Value of Georgia is celebrating a record increase in the amount of insurance payouts on loss-in-value auto claims its customers have received in total this year. Loss in value, also known as diminished value, is the reduction in resale value a vehicle sustains from repairs resulting from a car accident or incident (such as fire or flood). Potential car buyers seldom pay the same amount for a wrecked and repaired vehicle as they would for the same model undamaged. By law, insurance carriers are required to compensate their customers, in cash, for this loss in resale value as part of the property damage claim.
According to Diminished Value of Georgia, for over ten years insurance carriers have been underpaying diminished value claims by compensating claimants using an erroneous and inaccurate formula called 17c. This percentage-based formula yields values that are much lower than the actual loss amounts, consequently saving the insurance carriers millions of dollars at the expense of accident victims.
Check out the 17c Diminished Value Calculator.
The 17c formula, named after paragraph 17 of the Mabry v. State Farm court case (Georgia Supreme Court FILE NO. SU 99 CV 4915, 12/01/00), caps the loss in value at 10% of the vehicle’s book value. “It’s important to note that not only is 10% arbitrary and too low, it could not logically apply to all makes and models,” says Antoine Rached, owner of Diminished Value of Georgia. “It is irrational to maintain that a Ferrari will lose the same percentage as a Kia for a given accident.” The formula also applies inordinate constraints. After the initial 10%, the formula deducts for random damage modifiers and unreasonable mileage restrictions.
To help claimants achieve fair settlement amounts, Diminished Value of Georgia provides accurate vehicle valuation reports that properly quantify the loss in value an automobile incurs after an accident or incident (such as from fire or flood). The vehicle appraisal reports are then submitted to insurance carriers who, by law, are required to present them as evidence in the claims.
So far in 2014, Diminished Value of Georgia has helped consumers achieve $12.3 million dollars in insurance settlement increases. “Most of our car appraisal amounts are between four and five thousand dollars, which is significantly more than the average two to three hundred dollars offered by the insurance companies,” says Rached. “Our appraisals are, by far, the most effective way to increase an insurance payout and give accident victims what they are rightfully owed.”
Read testimonials by satisfied DVGA customers here.
As licensed appraisers, Diminished Value of Georgia can only collect a flat upfront fee for their car appraisal service. “Insurance companies know who the legitimate and unbiased appraisers are,” says Lindsey Burns, client services manager at DVGA. “This is one of the reasons our clients collect the highest settlement rate in the industry,” she adds.
Diminished Value of Georgia is a licensed auto appraisal company, performing 300-400 car appraisals a month. It is BBB accredited and A-rated by consumers, a rating that is rare in the automotive world. Before ordering an appraisal, customers are encouraged to request a free quote.
To receive more information, including instructions on how to file a claim for diminished value, please visit Diminished Value of Georgia online.