What do you expect to get for diminished value on your vehicle? If an insurance company uses an arbitrary calculation or formula, the amount you receive may not add up to much. This is a tactic that has been used by unscrupulous insurance companies for years.
In the class action lawsuit, Mabry vs. State Farm, a formula known as 17c was used to calculate diminished value. According to this formula, the value of a vehicle is multiplied by a 10% cap, resulting in the maximum award you can receive. However, other conditions apply in the form of modifiers.
Damage multipliers and mileage multipliers further chip away at your diminished value award. As you can imagine, more serious damage and higher mileage will lead to stiffer deductions. The first issue with this formula is that insurance companies use it arbitrarily. The 17c formula only applies to the Mabry vs. State Farm case in law.
Diminished Value Formulas
This particular formula is not the only example used by insurance companies. In fact, most providers will avoid direct reference to 17c. Instead, similar calculations are used to produce the same results. Namely, vehicle owners facing shockingly low diminished value due to damage.
If you have received a diminished value award based on 17c or any other formula, do not touch that money. At Wreck Check Atlanta, we have helped countless customers claw back amounts that are justified and fair.
Our assessments are designed to identify the true diminished value of your vehicle. We produce detailed reports that support the findings of our inspectors. Wreck Check can also work in conjunction with your attorney if you are pursuing a personal injury claim.
Wreck Check Atlanta
Tactics including the use of the Mabry vs. State Farm formula are the reason we exist. Our goal is to ensure that you get treated fairly and receive the money you deserve. If you have any concerns about an insurance claim on your damaged vehicle, we are here to offer support.
Call Wreck Check Atlanta today to get a second opinion on the diminished value of your vehicle.
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