DIMINISHED VALUE
Diminished Value
is the difference between what the car
was worth pre-accident and the market value of the post-repair.
Diminished Value
Have you experienced Diminished Value? Should You File a claim?
1ST ALERT can help.
As an Independent Appraiser 1ST ALERT continually works with insurance companies and vehicle owners to establish vehicle “Actual Cash Values” (ACV). Understanding ACV is a key part in establishing a Diminished Value Claim. As part of 1ST ALERT’s Vehicle Valuation Services, we will work with you the vehicle owner and prepare and submit your vehicles Diminished Value Claim.
Determining if you have Diminished Value is simple. Just answer some basic questions about your vehicle and accident.
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If you were in a Motor vehicle accident that was not your fault,
you should file a diminished value claim.
According to the Insurance Information Institute,
diminished value laws in many states require the at-fault driver's insurer to compensate you for the lost value of your vehicle.
If an uninsured or underinsured driver is at fault for the accident, you may be able to file a diminished value claim against your uninsured and underinsured driver policy. Many states require vehicle owners to carry uninsured and underinsured driver coverage due to “No Fault” regulations.
There are three types of diminished value claims:
- Immediate diminished value: You can only file an immediate diminished value claim immediately after the accident and before you get your vehicle repaired. If someone slams into your new, pristine car and damages its fender, its market worth instantly decreases, so you need to pursue a diminished value claim. Laws in some states use the immediate diminished value as the primary measure for assessing property damage.
- Inherent diminished value: When seeking compensation after you repair your automobile, you must file an inherent diminished value claim. An inherent diminished value claim compensates you for what insurance companies and used car dealers refer to as “stigma damage.” Stigma damage implies the vehicle’s loss of appeal when compared to an identical automobile with no damage.
- Repair-related diminished value: A repair-related diminished value claim comes into play if the repairer fails to completely repair your vehicle or does a poor job in restoring it to its pre-accident state. For example, if the auto body repair shop left air bubbles in the paint or replaced a fender with one that does not match your car’s color, you could file a repair-related diminished value claim to cover the loss in value.
Meet the Diminished Value Program Team:
Leo S. Petetti
PRESIDENT AND OWNER - Licensed Vehicle Damage Appraiser
1ST ALERT APPRAISALS LLC
PROFESSIONAL EXPERIENCE:
Leo has 37 years of experience in the automotive collision repair and Vehicle Appraisal industry. As a successful business owner for over 30 years he has owned and managed Auto Body Repair and vehicle appraisal companies. His extensive knowledge of repair and insurance related activities and regulations makes 1ST ALERT APPRAISALS uniquely qualified to provide “Vehicle Value Services” that benefit multiple stakeholders in the auto repair process. Over the past 13 years, 1st Alert Appraisals has become the go to source for lending institutions like Hann Financial, BB&T and Wells Fargo, Third Party Administrators (TPA’s) like Qual Lynx, Gaurdian, Inservco and Veri-Claim and insurance companies like Zurich and Farm Family.
FIELD-RELATED TRAINING & CERTIFICATIONS:
Leo maintains certifications of competency with automotive services companies and jurisdictional regulators. These include automotive repair and refinishing Certifications, Business Management and Training Certifications. Additionally, Leo currently maintains licenses and utilizes CCCONE, Mitchel & Audatex estimating industry leading software systems.
LICENSES:
Independent Motor Vehicle Appraiser Licensed in PA, NY, & CT. (NJ does not require licensing)
Peter M. Oliva
COO - Licensed Vehicle Damage Appraiser
1ST ALERT APPRAISALS LLC
PROFESSIONAL EXPERIENCE:
Peter has 38 years of experience within the highly regulated automotive and gaming industries, with over 30 years in progressive senior management roles. He has held executive management positions on publicly traded and privately held companies. Peter oversees all areas of operations, finance, compliance, and insurance regulation, for 1ST ALERT APPRAISALS. Most recently Peter has become the architect of 1ST ALERTS “Vehicle Valuation Services” (VVS). VVS allows industry and vehicle owner customers optimize their investments through true vehicle Actual Cash Value (ACV). Peter also maintains Automotive and Gaming key licenses pursuant to appropriate regulatory Jurisdictions.
EDUCATION & FIELD-RELATED TRAINING:
Holds Business Management, Automotive and Vehicle Damage Appraisal certifications, Gaming Management and Gaming Technical certifications including, Lake Forest College, Atlantic Cape Community College and Dale Carnegie training.
