One size doesn’t fit all when it comes to Diminished Value Appraisal Reports, the standard of evidence or proof that insurance companies ask for is not what many blogs, forums and simply DV report providers will lead you to believe. When you go up against an insurance company they will find any reason to deny your diminished value claim and to put it simply, most of companies out there along with people trying to save money to get back what they think they are owned are all wrong.
First off you can’t simply print out trade in values, retail values or go to a dealer and get a trade in appraisal. It doesn’t work like that at all. These are all biased examples of hopeful thinking, the dealer is trying to rip you off so they can make extra money off of you and if you go to 10 dealers you will on average get a minimum of 4 different prices they think your car is worth. The first will give you KBB in hopes that you will get a car from them which they can balance off what they pay for your trade in and the profit they are making, the second will wholesale your crashed car and give you an amount that is so low they can sell to another dealer and make money off.
The third dealer will give you a price based off the average and the fourth will give you a price based off MMR or alike which is auction pricing. So you have four biased amounts which are no accurate to the actual marketplace. The injured party will go online and get an instant valuation which is based off the wholesale market and is not accurate or will go to one of the big consumer books which are not used by dealers such as NADA, Edmunds, KBB. Please listen carefully dealers have other books not available to consumers, the car marketplace has many variables even though you find your car for sale at a certain price it doesn’t make it the average.
Lastly each state has it’s own laws of how to calculate losses in tort and insurance such as ACV, FMV Broad evidence rule by an expert, Replacement Costs Minus Depreciation, Replacement Cost Without Reduction for Depreciation. Each state has it’s own formula on top of USPAP appraisal standards and acceptable comparable vehicles. Each state has a rule 702 which means an appraisal by an expert is expert opinion and is considered the standard of evidence or must pass the Daubert Standard of evidence. So no instant report which does not carry a signature or does not review repairs made directly is legal in any way. Assessments are not legal either, they are formula based reports which are considered estimates.
By definition a diminished value assessment is simply an estimate and since all of them online are automated since no human expert actually reviews the damages or repairs made, it worthless. American Insurance Advocate Group works with attorneys nationwide and many insurance companies, we offer free estimates and can get you the money you deserve with our diminished value reports.