Are there Public Adjusters for cars in South Florida?
Total Loss Vehicle Appraisal Clause Process
1st party claims with your own insurance company
An appraisal clause is a clause or paragraph found in most, but not all, insurance policies. It is designed to be a way of reaching a settlement when there is a dispute over the amount of a loss between you and your insurance company and can be invoked by either party. The appraisal clause is utilized when there is a dispute over the value of your vehicle in a total loss. The appraisal clause is generally found in the "Damage to Your Auto" section of your policy. Following are the basic steps involved in the execution of the appraisal clause of most policies.
Step 1: Invoking Your Appraisal Clause
Advise your insurance company in writing that as a result of your inability to reach a mutually agreeable settlement, you are invoking the appraisal clause of your policy.
Step 2: Selection of Appraisers
In the appraisal clause process, each side selects a competent appraiser to assess the loss. Each side is responsible for paying their chosen appraiser. You select an appraiser who is knowledgeable in the specific area that is the subject of the dispute and who is familiar with the appraisal clause process. Your selected appraiser must be objective and impartial. Your appraiser should not do any work for the insurance company with whom you are having the dispute.
Step 3: Completion of the Process
Your selected appraiser as well as the appraiser selected by your insurance company each independently appraises the loss. The two appraisers communicate and discuss their findings. During this process the two appraisers attempt to reach a mutually agreeable figure. If the two appraisers are unable to reach an agreement then the two appraisers mutually select and agree upon a third party Umpire appraiser who reviews the positions and documentation of the two primary appraisers, who may also do an independent inspection and assessment. If an umpire appraiser becomes necessary, you and your insurance company each pay half of the cost of the umpire. Usually the Umpire’s decision is final.
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Is diminished value the same as depreciation?
Diminished value and depreciation are two separate and distinct issues. Diminished value is the difference between your vehicle’s market value before an accident and its value after an accident, once repaired. Depreciation is your vehicle’s loss in value over time, which is caused by normal wear and tear. Your car’s depreciation is determined based on its mileage, age, make, model, and general condition.
15 year old BMW 650 has over $5,000 in Diminished Value
This 15 year old BMW 650 was in an accident caused by another, resulting in over $10k in damage repairs. Following a Diminished Value appraisal, the owner is now making a $5,000 claim against the insurance company of the at-fault driver.
Flooded cars in Fort Lauderdale and Hollywood, South Florida
If your vehicle was damaged during the recent historic rainfall and floods in and around Fort Lauderdale and Hollywood, South Florida, it is highly likely your car will be declared a total loss by your insurance company. Be aware of the 'Appraisal Clause' in your policy, and/or do an internet search. Do not accept your insurance company's first offer. Invoke your 'Appraisal Clause.' Big $$$ at stake!
Diminished Value - everything you need to know!
Almost everything you need to know about Diminished Value to your vehicle is in this article: https://classicmotorsports.com/articles/crash-course-diminished-value/ If you have been in an automobile accident, contact us and we'll walk you through step-by-step what you need to do to receive compensation for your loss.
How much is my rebuilt title vehicle worth?
As a follow-up to this post: https://southfloridacarappraisers.com/classic-car-news-and-tips/how-do-you-get-financing-on-your-branded-or-rebuilt-title-1657747143488.html? several have asked what effect a rebuilt title has on the value of a vehicle. As attorneys are known to respond – “it depends!” Comparing two identical vehicles, same year, make, model, options, mileage, and condition, the one with the rebuilt title can be worth anywhere from 20% to 40% less than the one with a clean, no accident history.
Stolen 2021 Dodge Durango SRT Hellcat
With just 200 miles on the odometer, this 2021 Dodge Durango SRT Hellcat was stolen out of the owner’s driveway at 2:30 AM, never to be seen again! Fortunately, he had comprehensive insurance with the “Good Hands” folk! Unfortunately, they wanted to reimburse him just $83,036 for his loss! Luckily, he was familiar with, and decided to invoke, the ‘Appraisal Clause’ in his policy and hired Auto Appraisal Network of South Florida to provide a prior-to-loss fair market value appraisal.
Stolen car, now what?
Stolen car, now what? If your vehicle is stolen, you should call the police immediately and then notify your insurer, your lender and your state’s DMV. Almost 900,000 vehicles were reported stolen across the U.S. last year according to the National Insurance Crime Bureau (NICB), an insurance industry association. Lots of questions! What happens when your car is stolen then found? Who will pay for the damages that happened when the car was not in your custody?
Is your car repairable, or a Total Loss?
You have just been in an automobile accident and now you are wondering if your vehicle is repairable or if it’s totaled. Your body shop manager says that they are certain they can repair it, but the insurance company says they want to total it! What to do? Who do you believe? What are your options?
The two secrets the auto insurance industry doesn't want you to know!
The two secrets the auto insurance industry doesn't want you to know are "Appraisal Clause" and "Diminished Value." Almost every auto insurance policy has an Appraisal Clause, giving the policyholder, in the event their vehicle is declared a total loss, the right to an independent appraisal of the prior-to-loss fair market value. Diminished Value is the sudden loss of value because of an accident. If you were not at-fault in the accident, you can make a Diminished Value claim against the at-fault driver's insurance company. Call/text 786-853-0711 with any questions.
Should you tell your insurance company about upgrades and options?
Whether it's life, travel or automobile, insurance is the one item we purchase which we hope we never use. But, **** happens! Recently we handled total loss claims on a '90s Land Rover Defender and a 2021 Honda Civic Type R, both with over $10k in recent options and upgrades of which the owners never advised their insurance companies. We were able to settle for more $$$ than the insurance company initially offered, but the >$10k in upgrades was not covered! Yes, they saved a few $$ on the insurance premium, but lost thousands in the settlement. Don't be penny wise and dollar foolish! If you have invested in upgrades on your vehicle, advise your insurance company in writing!