Decreased Value – Get the Settlement You Deserve After a Car Mishap
The screech of tires. The sickening sound of metal grinding versus metal as you stumble forward in the chauffeur’s seat. As you climb up from the cars and truck, you’re shaken – however luckily you and the motorist who hit you are not hurt. Regrettably, the very same isn’t really real for your car. After you sustain the trouble of dealing with insurance companies and the trouble of taking your cars and truck in for repair work, the bottom line is that your car just isn’t worth as much. “The resale worth of a vehicle with an accident history is substantially less than a comparable vehicle that’s never remained in a mishap,” says Omar Quddus, President and Co-Founder of Supporter Car Claims LLC (www.advocateautoclaims.com).
This phenomenon is called “lessened value,” and the at-fault or third party’s insurer has an obligation to compensate the motorist who was not at fault for this distinction in market price. “Insurance provider are required to bring back a lorry to its pre-loss condition and value,” states Quddus. “Regrettably, most customers aren’t mindful that they are entitled to diminished value payment – and insurance companies do not volunteer that info.”
That’s the factor Quddus is on a mission to educate consumers about their rights, and why Advocate Automobile Claims pursues lessened value claims on behalf of motorists who weren’t at fault in mishaps. “Even when customers understand the reduced worth concern, they’re often ill-equipped to manage the obstructions that an insurance company will throw at them,” he says. “Each insurance company has its own internal procedures, but those procedures can differ from region to region.” Similarly, the laws and policies governing reduced worth vary considerably from state to state.
The maze of policies and loopholes, as well as the severe stance taken by vehicle insurance provider versus reduced value claims leaves customers with couple of options. “Consumers may be involved in a mishap once or twice in a lifetime; they merely don’t have the resources and knowledge to get the settlement they deserve,” says Quddus.
This is exactly why the owners of Advocate Vehicle Claims, who have more than 10 years of experience working with decreased worth claims on behalf of fleet owners and rental vehicle firms, have opened their doors to consumers. While chauffeurs can pay out of pocket for a vehicle examination or a report to corroborate their claim, and an attorney might pursue such a claim in conjunction with an injury case, Quddus’ company handles every element of reduced worth claims – and does so on a contingency basis. “The process of developing decreased worth then negotiating the appropriate settlement is both an art and a science,” Quddus says. “We pride ourselves on our capability to get outcomes, and do not anticipate to be paid till you do.”