The(ACV)Actual Cash Value Policy DOES NOT insure the property itself but the VALUE of the property. Okay let's say the insurance company chooses to Repair their insureds damaged property (as is their option within their contract of insurance). HOWEVER, such an election DOES NOT relieve them of their contractual duty to restore the Pre-Loss VALUE of the motor vehicle. To whatever extent such repairs 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 YET, the majority of them will NEVER restore the car to its Pre-Loss VALUE and when you ask them for cash they'll laugh out loud at your "Foolishness")! Items are all too often 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 its pre-accident function, appearance, safety, and value. QUESTION: "How often is this done?" ANSWER: " If they can get away with it - - Never!" 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 its mandatory that previous damage is made known to a prospective buyer. QUESTION: "Is a prospective buyer told that the motor vehicle has been in an accident?" ANSWER: "NO!" #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. QUESTION: "Is ANYBODY ever made aware of this?" ANSWER: "No, Dan Baldyga was in the business of Insurance Claims for 35 years, and I NEVER knew anybody who was made warned of that!" #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. QUESTION: "Is the insured or the person who is about to buy that car told this?" ANSWER: "You've got to be kidding!" Auto repair shops (even the most advanced) do not have access to the type of equipment and its IMPOSSIBLE for them to afford such technology that a manufacturer can. And, that being the provable case, youre not going to be returned your car in the absolutely perfect value it was when it came off the assembly line! Its a fact of life that should a potential buyer discover the motor vehicle one is about to buy has been in an accident that its 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 theyve implied to their insured within the confines of their insurance contact with them) that would be made Whole. PLUS THERE ARE MANY OTHER REPAIR PROBLEMS. (The following are 4 of the most potential of them bubbling and boiling under the surface): #1. Most consumers dont know what kind of parts theyre getting. They assume their motor vehicle will be restored to its pre-crash condition. #2. Too often the Imitation Parts dont match the cars 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 dont match the contour of the car and require significant reworking. #4. Replacement bumpers often need to be re-drilled or widened leaving large gaps or uneven surfaces. DISCLAIMER: The only purpose of this article YOUR CARS AFTER-IMPACT DIMINISHED VALUE is to help people to understand the motor vehicle accident claim process. Neither Dan Baldyga, Christoper M. Knight nor EZINE ARTICLES make any kind of guarantee of any kind whatsoever, NOR to substitute for a lawyer, an insurance adjuster, claims adjuster, or the like. Where such professional help is desired IT IS THE INDIVIDUALS RESPONSIBILITY to obtain said services. Dan Baldygas 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 successfully handle your motor vehicle accident claim so you wont be taken advantage of. It also goes into detail regarding the revolutionary 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
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