Diminished value appraisal – If you are doing research on how to get paid for your vehicle’s diminished value, then you know that the advice on the street is to get a diminished value appraisal from a qualified expert. Are you feeling lost or overwhelmed in the process? You aren’t alone!
How To Pick A Qualified Diminished Value Appraisal Expert?
You should have no problem finding a diminished value company on the internet (including mine), and my advice is to call the company and ask to speak to the owner. Dan Jendrowski with over 42 years in the automotive industry is the owner and founder of Benchmark Auto Appraisers LLC just call 716-523-6999 to speak to him, If you can’t speak to the owner, how will you make a complaint if you are not satisfied with your product? Print this post and use it when you are on the phone with your diminished value company. See if they answer correctly, and if they don’t, move on! Also, see https://benchmarkautoappraisers.com/certified-car-appraiser/
You get the idea, I hope.
Ask questions! Make sure your appraisal is not just the opinion of a car salesman. Will your report be self-explanatory, or will it simply have a bunch of prices listed for similar vehicles and then the opinion of an expert that says your vehicle has lost so and so the amount of value? Insurance companies don’t normally have a diminished value expert at their disposal and will normally just come up with a figure based on some “formula” that has not been evaluated and try to make you believe they are experts and their value is the correct value. Some companies will actually hire an outside “expert”.
Your expert should be able to tell you if the insurance company is providing a valid appraisal or not and help you pick out the parts that don’t hold water so as to help you successfully recover a fair amount on your claim. A good appraisal will be easy to understand and will incorporate actual facts and sales data to reflect the true diminished value of any particular vehicle.
Don’t get roped into purchasing a $500.00 opinion.
Benchmark Auto Appraisers LLC can help you with this get a FREE claim review and consultation! 716-523-6999
CASE LAW HISTORY TO RECOVER DIMINISHED VALUE NEW YORK
In Edwards v. Maryland Motor Car Ins. Co., 197 N.Y.S. 460 (N.Y. App. Div. 1922),
the court held that diminution in value is damage embraced within the clause of the policy insuring the plaintiff against direct loss or damage by the peril of theft. The policy contained language that the insurance company had the option to “repair, rebuild, or replace the property lost or damaged with other of like kind and quality.” The court found that “diminution in value is damage embraced within the clause of the policy insuring plaintiff ‘against direct loss or damage’ by the perils of ‘theft, robbery or pilferage.’” The court went on to state that the liability is not severed by making the insurance company liable for the actual cost of repairs or replacement. The court notes that this case allowed recovery for diminished value by finding coverage in another section of the insurance policy and not due to any obligation to repair the auto with like kind and quality.
In Miller v. Sanchez, 6 Misc.3d 479, 789 N.Y.S.2d 850 (N.Y. City Civ. Ct. 2004), the court accepted the difference in value as the proper measure of tort damages. If the auto is of the type that appreciates in value, such as with rare automobiles, or is otherwise unique or brand new, third-party diminution of value damages for a motor vehicle are recoverable in addition to the cost of repairs even if the repairs restore the vehicle to its pre-accident condition. Franklin Corp. v. Prahler, 932 N.Y.S.2d 610 (N.Y. App. 2011); Rosenfield v. Choberka, 529 N.Y.S.2d 455 (N.Y. 1988) (vehicle “a few weeks” old); Parkoff v. Stavsky, 2013 WL 4528799 (N.Y. App. 2013) (Mercedes-Benz with only 398 miles); Franklin Corp. v. Prahler, 932 N.Y.S.2d 610 (N.Y. App. 2011) (class car).
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