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.
Meet the Diminished Value Program Head:
Leo S. Petetti
PRESIDENT AND OWNER - Licensed Vehicle Damage Appraiser
PROFESSIONAL EXPERIENCE:
Leo has 40 plus 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)
Thomas Dunleavy
Director of Total Loss and Diminished Value
PROFESSIONAL EXPERIENCE:
Tom has 30 years of vehicle and equipment valuation experience. He spent 20 years managing a $1.1 billion consumer lease portfolio where he was on or led teams responsible for remarketing, residual valuations, dealer and manufacturer relationships, program design, insurance, and inside and outside legal counsel.
He has held executive positions with three publicly traded companies managing teams across the US.
CREDENTIALS:
- Licensed motor vehicle appraiser – PA, DE, NY, CT, VT, NC, SC
- Licensed public adjuster – PA, NJ
- 20 years managing a $1.1 billion consumer auto lease portfolio
- Part of the team responsible for setting residual values for the portfolio
- Managed insurance, legal, remarketing, and full term recovery departments
- Retail automotive experience with Fred Beans group
- Several years of handling dealer relationships with significant exposure to the retail automotive environment
LICENSES:
Motor Vehicle Appraiser licensed in PA, DE, NY, CT, VT, NC, SC (NJ does not require licensing)
Licensed Public Adjuster in PA and NJ