There are numerous methodologies being used to determine a vehicle’s diminished value following a car accident. Many of them represent shortcuts to the real-world approach of querying new car dealers to support an opinion.
Which methodology works best to convince insurance companies that, when push comes to shove, they would lose in court? Most diminished value claims are settled at the claims level but presenting overwhelming evidence to prove the amount of lost value is of paramount importance. It stands to reason that insurance claim supervisors should have the intelligence and experience to determine which diminished value appraisals would stand up in court and which would not convince a judge or jury. Regardless, insurance companies rely on the fact that most car owners will tend to walk away with little or nothing in compensation rather than consider litigation.
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Appraiser + 6 Dealer Opinions is considered the most effective, at 50%.
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Formulas & Algorithms, Book Value Comparisons, and Online Asking Price Differences are each significantly less effective, at 15–20%.
The methodologies examined by the AI computer were based on consumer comments that were found online regarding diminished value and which resulted in fair settlements.
The methodology used by The St. Lucie Appraisal Company – supporting our opinions by querying six new car dealers – proved the most effective. Other methodologies such as the use of formulas, algorithms, online ad comparisons and book value condition differences fared far worse.
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