| |
| |
|
Insurance Information |
|
|
|
Your Cars After-impact Diminished Value
The(ACV)Actual Cash Value Policy DOES NOT insure the property itself but the VALUE of the property. Okay let's say the insurance company chooses to "Repair" their insureds damaged property (as is their option within their contract of insurance). HOWEVER, such an election DOES NOT relieve them of their contractual duty to restore the Pre-Loss VALUE of the motor vehicle. To whatever extent such repair's fail to restore that motor vehicles Pre-Loss VALUE , should be tendered to the policyholder in cash - - and failure to do so is nothing less than insurer fraud! (AND YET, the majority of them will NEVER restore the car to its Pre-Loss VALUE and when you ask them for cash they'll laugh out loud at your "Foolishness")! Items are all too often repaired improperly or overlooked completely. Several of these typical repair-related items could be: Poor quality repairs, improper welding, or flawed refinish operations. "Diminished Value" is clearly owed and if a vehicle has not been brought back to it's pre-accident function, appearance, safety, and value. QUESTION: "How often is this done?" ANSWER: " If they can get away with it - - Never!" THERE ARE THREE BASIC TYPES OF DIMINISHED VALUE #1. "Inherent Diminished Value": This is the automatic and unavoidable loss of market value simply due to the fact than a motor vehicle has been involved in an accident. It many cases it's mandatory that previous damage is made known to a prospective buyer. QUESTION: "Is a prospective buyer told that the motor vehicle has been in an accident?" ANSWER: "NO!" #2. "Insurance Related Diminished Value": This comes to pass due to oversights and/or omissions by the insurance company on their appraisal. And also, because of the use of "Imitation Replacement" parts. QUESTION: "Is ANYBODY ever made aware of this?" ANSWER: "No, Dan Baldyga was in the business of Insurance Claims for 35 years, and I NEVER knew anybody who was made warned of that!" #3. "Repair Related Diminished Value": This is the amount which the motor vehicle was depreciated due to improper or incomplete repairs, poor quality repairs, and/or un-repaired items that were compensated for within the insurance appraisal. QUESTION: "Is the insured or the person who is about to buy that car told this?" ANSWER: "You've got to be kidding!" Auto repair shops (even the most advanced) do not have access to the type of equipment and it's IMPOSSIBLE for them to afford such technology that a manufacturer can. And, that being the provable case, you're not going to be returned your car in the absolutely perfect value it was when it came off the assembly line! It's a fact of life that should a potential buyer discover the motor vehicle one is about to buy has been in an accident that it's going to be worth less money. Because of that almost every damaged motor vehicle will have some possible inherent "Diminished Value" which can evolve into an actual loss to the consumer. This loss is owed by the insurer (due to their alleged promise in which they've implied to their insured within the confines of their insurance contact with them) that would be made "Whole". PLUS THERE ARE MANY OTHER "REPAIR PROBLEMS". (The following are 4 of the most potential of them bubbling and boiling under the surface): #1. Most consumer's don't know what kind of parts they're getting. They assume their motor vehicle will be restored to its pre-crash condition. #2. Too often the "Imitation Parts" don't match the car's contours leaving an all too often impossible mess to correct. #3. When it comes to fenders there are "Fit Problems". Some require widening the holes or using shims. Many don't match the contour of the car and require significant reworking. #4. Replacement bumpers often need to be re-drilled or widened leaving large gaps or uneven surfaces. DISCLAIMER: The only purpose of this article "YOUR CARS AFTER-IMPACT DIMINISHED VALUE" is to help people to understand the motor vehicle accident claim process. Neither Dan Baldyga, Christoper M. Knight nor EZINE ARTICLES make any kind of guarantee of any kind whatsoever, NOR to substitute for a lawyer, an insurance adjuster, claims adjuster, or the like. Where such professional help is desired IT IS THE INDIVIDUAL'S RESPONSIBILITY to obtain said services. Dan Baldyga's third and latest book, AUTO ACCIDENT PERSONAL INJURY INSURANCE CLAIM (How To Evaluate And Settle Your Loss) can be found on the internet at http://www.caraccidentclaims.com or http://www.autoaccidentclaims.com. This book reveals "How To" successfully handle your motor vehicle accident claim so you won't be taken advantage of. It also goes into detail regarding the revolutionary BASE (The Baldyga Auto Accident Settlement Evaluation Formula). THE BASE FORMULA explains how to determine the value of the "Pain and Suffering" you endured - - because of your personal injury. Copyright (c) 2005 By Daniel G. Baldyga. All Rights Reserved Dan Baldyga - Author Dan Baldyga is a retired Insurance Claim man. He was an Adjuster, Supervisor, and Claims Manager for 30 years and then spent anoter 5 as a Trial Consultant. He has written 3 highly successful "How To" Automobile Accident Books. He can be reached at dbpaw@comcast.net.
MORE RESOURCES:
Google News |
|
|
|
RELATED ARTICLES
Auto Insurance In Texas If you are looking for auto insurance in texas, you might want to check out golden rule insurance company who offers cheap auto insurance online. Of course there are plenty of other companies that also offer affordable rates, but first you should understand Texas auto insurance requirements. How Can I Compare Life Insurance Quotes? The online life insurance companies offer a free service where you can request a free quote for your life insurance needs. This enables you to compare life insurance quotes to see where you can save money with one over the other. Are Accidents More Likely To Occur Closer To Home? If you are going to be involved in an accident, chances are it will happen close to your home. Progressive Insurance polled 11,000 of its policyholders who experienced accidents in 2001. Home Insurance Rates in Northern Ireland A recent survey took the most popular type of home in the UK, the three-bed semi, and compared the quotes given by insurance companies for different postcodes around the country. Northern Ireland came in top for buildings cover with an average of £119. What Does Buildings Insurance Cover? You will find that your lender will insist that you have this cover when you take out a mortgage. The lender, remember, owns your home until you have paid off the mortgage. Need A Car Insurance Comparison? Dont Have Time? If you decide not to do a car insurance comparison and simply renew your insurance at the same rate, you could be paying away needless amounts of your hard-earned money. By doing a car insurance comparison, you could get a cheaper rate than what you are presently paying. Individual Health Insurance Plans - How To Find The Best Provider Online Whether you are self-employed or a small business owner, finding an affordable individual health insurance plan has gotten easy with online health insurance providers. By comparing quotes and coverage plans, individuals are able to choose a provider that best meets their needs. Cheap Insurance - Ten Ways Cheap insurance? Auto insurance, life insurance, health insurance, liability insurance - whatever type of insurance you need, you can buy it for less. Try the following:1. 10 Ways to Lower Your Auto Insurance Nowadays, auto insurance is really expensive. A typical insurance policy can cost a few hundred dollars to a few thousand dollars a year. If You Rent A Home, Protect It By Buying Renters Insurance Renters insurance is often overlooked by people who are renting their house or apartment. Many people don't realize that their landlord's insurance only covers the building that you live, there in no coverage for your personal belongs. Which Car Should You Own To Keep Your Insurance Rates Most Affordable? Do you consider the cost of insurance before you buy your dream car? You should. The Highway Loss Data Institute analyzes the cost to insurance companies from theft, collision, and injury claims as they relate to cars. Choosing Affordable Health Insurance For Children In most cases, private health insurance comes through a person's employer, who picks up the majority of the cost of premiums. However, today many people, who are either self-employed or who work for a company that doesn't offer health insurance, find it necessary to obtain quality affordable health insurance for children. The Life Insurance Quote Business is Booming, but is the Insurance Quote Accurate? The life insurance quote business online is booming. Not only are life insurance agents quoting a more diverse portfolio of companies, but consumers are also now able to quote life insurance online for themselves. Term Life Insurance and Permanent Life Insurance Term insurance and permanent insurance are two basic types of life insurance. Term life insurance is temporary, and it covers only a specific period of time called the relevant term. High Deductible Health Insurance Plans For Individuals and Families Do you pay more attention to your car than your body? You change your oil every 3000 to 4000 miles. You have your tires rotated every other oil change. Health Savings Accounts Most people with health insurance, especially employer paid health insurance, really don't know what their health care costs are. Furthermore, in many cases, they are limited in which health providers (doctors, hospitals, pharmacies etc) they can use. Auto Insurance Information Online - Compulsory Auto Insurance In 47 of the 50 United States, it is illegal to take a car onto the road without auto insurance. Compulsory insurance laws protect the public from the expenses of injuries and property damage resulting from a car accident. An Introduction to UK Home Insurance Unlike motor cover, home insurance is not a legal requirement in the UK. It is, however, a vital precaution against unforeseen bills caused by incidents such as natural disasters or break-ins. How to Match the Right Insurance Policy to the 4 Stages of Life As we go through life our needs change. A Young man or women with a family has very different insurance needs then the Empty Nester. Choosing Buy-To-Let Property Insurance Risk is an area often overlooked by landlords, but failing to protect the main assets of your business, which often have borrowings secured against them could lead to ruin.Landlords often fail to understand the types of insurance risks that they are exposed to and are unaware that insurance coverage for buy-to-let investments is very different to the standard household insurance policies that cover owner-occupied dwellings.
|
| home | site map | contact | Partners |
| © 2006 - insurance-information.cliczoom.com |
