Appraisal Clause
In all fifty states the appraisal clause is either required or is an option for the insured and the responsible insurance company to resolve differences. This is particularly appropriate with Diminished Value and Total Loss Settlements. If the insurance company is denying your rights under the appraisal clause they are behaving in extreme bad faith. […]
Diminished Value Case Study: 2020 Toyota Tacoma
The owner of a 2020 Toyota Tacoma was hit by an at-fault; uninsured hit and run motorist causing just north of $7800 in damage. Fortunately the hit and run motorist was apprehended. The damaged vehicle was properly restored to pre-accident condition under the owner’s uninsured motorist coverage as appropriate. Once restored to pre-accident condition, the […]
Diminished Value Case Study: 2020 Toyota 4Runner
A customer with a 2020 Toyota 4Runner with 10,234 miles on the clock was hit by an at fault insured driver. The at fault insurance company covered $12,679.63 in collision damage restoration costs as required. When the vehicle owner inquired about a diminishment of value (DOV) settlement, she was met with delaying and stonewalling tactics […]
Total Loss Case Study: 2020 Chevrolet Colorado
If you have suffered a total loss or your vehicle was damaged by an at fault driver there are three prudent steps to take before accepting a settlement offer from the responsible insurance company: Locate a licensed Diminishment of Value (DOV) Total Loss appraiser. Your choice should have only excellent Google reviews and be located […]
Diminished Value Case Study: Tesla (Uninsured Motorist Coverage Situation)
The owner of a 2019 Tesla Model 3 was hit by an uninsured drunk driver. At the time of the incident, 12/28/19, the vehicle was a current model year with 6066 miles on the clock. The insurance company paid for the repairs under his uninsured motorist coverage. The repairs were completed in a satisfactory manner […]
Diminished Value in Virginia
What is a Diminished Value Claim? Virginia Code §46.2-1600 defines “diminished value compensation” as the amount of compensation that an insurance company pays to a third-party vehicle owner, in addition to the cost of repairs, for the reduced value of a vehicle due to damage. In a diminished value claim, where the property can be […]
Total Loss Case Study: 2018 Subaru Forester
A client totaled his 2018 Subaru Forester with 21k miles on the clock. His insurance company stated that the actual cash value was $19,760 according to the CCC Report that they used. Unfortunately, the client owed just north of $23,000 and he did not have Gap insurance. As is standard with DVAC Total Loss Settlements, […]
Diminished Value in Nevada
Is your auto policy in Nevada? Did you know that can challenge absolutely anything related to the claim? You can challenge repair procedures, repair cost, storage fees, administrative fees, total loss fees and the vehicles value. Nevada has the appraisal clause language in its auto insurance policies. DVAC can help you if you are dealing […]
First-Party vs. Third-Party Accident Claim (When Diminished Value is Accepted)
If you have been in an auto accident and you personally were at fault, 9/10 time you will not be eligible to recover diminished value. This is because you would be filing a first-party claim toward your personal insurance company. In a first-party claim, you have a contractual relationship with your insurance company and you […]
Diminished Value Case Study: Virgina
A Virginia based insured driver of a 2019 Cadillac Escalade was hit in North Carolina by an at fault insured driver from Florida. The collision restoration and repairs were paid for by the at fault Florida driver’s insurance carrier. The Escalade was repaired in North Carolina. The Diminishment of Value (DOV) settlement was addressed by […]
