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The term “Progressive Diminished Value” means that cars which were damaged and subsequently repaired lose market value as a result of having a repair history.
WE ARE THE BEST AND MOST TRUSTED AUTO DIMINISHED VALUE APPRAISERS IN THE COUNTRY. OUR COMPANY VALIDATES OUR DIMINISHED VALUE RESEARCH BY SPEAKING TO THE SALES MANAGERS AT SIX NEW CAR DEALERSHIPS IN YOUR AREA. THIS SUPPORTS OUR EXPERT OPINIONS, PROVIDING PROBATIVE EVIDENCE TO STRENGTHEN YOUR INSURANCE CLAIM OR COURT CASE AGAINST THE AT-FAULT PARTY.
If your car was in an accident that was not your fault, the property damage portion of Progressive’s insurance policy guarantees to make you whole. This includes payment for the diminished value of your car or truck. Payments can be made up to their insured’s policy limits.
The name of the claim you will be filing is a Third-Party Inherent Auto Diminished Value Claim. Third-Party means that you are a claimant; not an insured. Inherent means something that occurs naturally as a part or consequence of an action. Auto Diminished Value means the loss in value your car experiences after undergoing accident repairs. Claim means that you making a demand for compensation from the insurer of a the responsible party.
After your accident, you will take your car to a collision shop where their estimator will assess the damage and come to an agreed price of repairs with the insurance appraiser. Most car owners carrying collision coverage proceed through their own insurance company who will then seek reimbursement of those costs from the insurer of the responsible party. This is known as subrogation.
After completion of the repairs, your car – now having an accident history – is worth less to any potential buyer. Whether the car is sold privately or traded in to a dealer, you would take a hit. How much depends on how severe the damages were. Note: It is not necessary to sell or trade your car in order to be compensated for its diminished value.
Insurance companies have a duty to investigate any evidence you provide, however, most do not. Rather, it is more common to be told that, since the car was properly repaired, there is no loss in value. Alternatively, a low-ball offer may be tendered.
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The quality and objectivity of your evidence is the key to success in receiving an adequate settlement. The vast majority of claimants who take it upon themselves to produce reports showing KBB estimations or online do-it-yourself formulas fail to accomplish anything. Progressive routinely informs claimants that their data failed to prove any loss in value. It isn’t only insurance appraisers that use formulas, algorithms, book value and online ad comparisons. Most independent appraisal companies you might consider hiring also use the same short cuts. In order to persuade Progressive to pay their fair share, a claimant needs to produce a diminished value appraisal based on real-world, data-driven research.
We have extensive experience dealing with Progressive throughout the country. Their claim service varies from region to region. In some areas, Progressive may be more aggressive defending their claims than in others.
The key to obtaining a fair claim settlement is developing a sound settlement strategy. Convincing Progressive’s claims supervisors – and you will need to escalate your claim to a higher authority in order to get any traction – that your appraisal would prevail in a court of law is key. Progressive’s defense attorneys normally perform a litigation risk assessment in order to advise on the probability of success if a case goes to trial. The insurer correctly assumes that most claimants do not wish pursue litigation. They also know that claimants may have trouble finding an attorney to take on a small auto diminished value case where no personal injury was involved. A strong appraisal based on applied research, however, at least clarifies that they would likely lose in court. Progressive has little interest in defending these cases but when a claimant presents an independent appraisal having no probative value, the insurer is, in effect, inviting you to take legal action by denying your claim. Keep in mind, any legal action would be taken against the responsible party, not against Progressive directly.
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The fee for an Automobile Diminished Value Report is $275.00. You may also make your Credit Card Payment by telephone, call 772-359-4300.
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