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Traffic Accident Insurance Claims Article
By: Dan Baldyga
The Actual Cash Value Policy does not insure
the property itself but the VALUE of the property. When the
insurance company chooses to “Repair” the damaged
insured property (as is their option within their contract
of insurance) such an election DOES NOT relieve that insurance
company 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 still, you
must watch out because the majority of them don’t)!
Items are sometimes 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.
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.
#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.
#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.
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 motor vehicle 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 they would be made
“Whole”.
PLUS THERE ARE MANY OTHER “REPAIR
PROBLEMS”. (The following are 4 of the most
potential of them which are bubbling and boiling - - just
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 their motor vehicle'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 motor vehicle
and require significant reworking.
#4. Replacement bumpers often need to be re-drilled
or widened leaving large gaps or uneven surfaces.
>> Return
to traffic accident insurance claims articles
DISCLAIMER:
The purpose of this article "YOUR
MOTOR VEHICLES AFTER-IMPACT DIMINISHED VALUE" is for
all readers to understand the motor vehicle accident claim
process. Neither Dan Baldyga, Scott Baker, I GOT HIT, LLC,
and/or the Accident Resource make any guarantee of any kind
whatsoever, NOR do they purport to engage in rendering any
professional or legal service; NOR to substitute for a lawyer,
an insurance adjuster, or claims consultant, 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” handle your property
damage claim so you won’t be taken advantage of. It
also goes into detail regarding 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
dbpaw@comcast.net
AUTO ACCIDENT PERSONAL INJURY INSURANCE CLAIM
(How To Evaluate And Settle Your Loss)
http://www.autoaccidentclaims.com
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