August 13, 2022
RE: Your Auto Diminished Value Claim with Allstate
Allstate wrote “Those figures are not substantiated with any kind of data”.
Allstate knows full well that there is no database of sold vehicles. That is nothing more than a delaying tactic on their part. Many claimants simply give up after receiving responses such as these.
Allstate wrote “Dealers have a financial interest in a vehicle so they tend to understate the post-repair value of a vehicle in order to make a profit.”
Allstate’s claims representative clearly did not read our appraisal in its entirety. The following statement appears twice in our appraisal: “Note: All of the dealers queried were informed that the subject vehicle was not available for purchase or trade, therefore none of the dealers queried had any vested interest in the subject vehicle.”
Allstate wrote “$10,800 on a 5 year old vehicle that had 91,104 miles on it is very excessive. Diminished value is based on the type of damage that occurs. Over half of the estimate amount was for part prices and taxes associated with the parts.
How did Allstate arrive at their opinion that our diminished value amount is very excessive? What data do they have supporting this? Also, regardless of the fact that over half of the estimate was for part prices and taxes, the fact that there was structural damage makes this vehicle a literal pariah which no dealer wants anything to do with. Allstate conveniently fails to address this.
Allstate owes your clients the same investigative zeal in their inherent diminished value claim as they typically do pursuing collision claims, personal injury claims, etc. Allstate can call any Toyota dealer in the country to learn what we did. That a structurally-repaired vehicle will lose up to half of its value come trade-in time.
August 11, 2022
RE: Your Auto Diminished Value Claim with GEICO
GEICO wrote that “trade-in values are subjective.” We went with the NADAGUIDES.COM book values. Clean Trade-in or Fair Market Value is the market you are in, not retail, not auction, not salvage markets.
GEICO wrote that “none of the dealers insected your vehicle.” Why would any of the dealers need to inspect your vehicle? A) Repair quality has no bearing on INHERENT DIMINISHED VALUE and B) The dealers were told that the repairs were done to factory standards.
GEICO wrote that the dealers “simply provided quotes based on quick phone conversations.” Yes, the dealers provided quotes on phone conversations but they weren’t quick. The call log attached shows that the average time spent was 4-5 minutes with each dealer. All pertinent information about the car was discussed as well as the nature of the repairs.
GEICO also refers to “objective market data” even though they are aware that there is no database of sold vehicles with the exception of auction and salvage sales, neither of which relates to you. Ask them where you would find this information. Answer: You won’t.
So, all in all, while it is good that GEICO did read our report, all of their objections have been addressed and refuted in this email. Has GEICO actually investigated the evidence that you provided? GEICO can call any exotic new car dealer in the country to learn what we did. They owe you at least that much.
August 9, 2022
RE: Your Auto Diminished Value Claim with State Farm Insurance Company
What you received from State Farm’s claim specialist was a boiler-plate denial letter. If God, himself, came down from heaven to declare that your car lost $20K in value, you would have received the same letter.
State Farm obviously knows by now that they can’t just make stuff up. On what do they base this denial? Have they investigated the evidence that you provided? They can call any Chevrolet dealer in the country to learn what we did. Many car owners undoubtedly just accept these shoddy responses and move on.
You will need to escalate this to a supervisor and, perhaps, to his supervisor. Interact with someone who has the authority and good sense to offer a reasonable settlement, thereby keeping both of you out of court. You won’t get any traction dealing with a claim specialist. Make sure to let them know – in writing – that I will be happy to speak to them.
Even though your car is an extensively modified Corvette in pristine condition, once you disclose that it had structural damage, no Chevrolet dealer or any new car dealer will want anything to do with it.
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