It seems to me that insurance carriers don’t have any problem assessing a charge for ‘betterment’. It is not in there interest to acknowledge a diminished value on a repaired car, so they don’t.
Another place where a good agent is invaluable in assisting an insured.
Great concept except for the price. What ever happened to the $9.99 or $19.99 prices that used to be charged for a similar service. $39. is a little steep. Locally we have a business that will calculate and represent you(for 25% of amount collected) as companies are not willing to give up money on the diminished value.
Most companies have a provision in their policy that states they do not recognize diminished value on their insured’s car. It may be considered with a claimant vehicle in the interets of settling a claim, but it is not comman practice. And yes, the person has to show dimished value and actually experience/suffer the loss before a comapny will even consider this type of claim. Finally, any auto dealer will do this type of evaluation free of charge…
I just remembered – The IIAA in New York also has articles about how you will not be covered if a rental vehicle company comes after you for diminution of value – Which can happen….
So they say you might be better off buying the insurance from the rental company rather than relying on your PAP
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It seems to me that insurance carriers don’t have any problem assessing a charge for ‘betterment’. It is not in there interest to acknowledge a diminished value on a repaired car, so they don’t.
Another place where a good agent is invaluable in assisting an insured.
Great concept except for the price. What ever happened to the $9.99 or $19.99 prices that used to be charged for a similar service. $39. is a little steep. Locally we have a business that will calculate and represent you(for 25% of amount collected) as companies are not willing to give up money on the diminished value.
“They also have to be able to demonstrate that they have incurred the amount of loss they are claiming.”
So does this mean to demonstrate the actual loss you would have to sell the car? Its not really a loss if you still have the car right?
I bet insurance companies would argue this.
Most companies have a provision in their policy that states they do not recognize diminished value on their insured’s car. It may be considered with a claimant vehicle in the interets of settling a claim, but it is not comman practice. And yes, the person has to show dimished value and actually experience/suffer the loss before a comapny will even consider this type of claim. Finally, any auto dealer will do this type of evaluation free of charge…
I just remembered – The IIAA in New York also has articles about how you will not be covered if a rental vehicle company comes after you for diminution of value – Which can happen….
So they say you might be better off buying the insurance from the rental company rather than relying on your PAP