Atlanta, GA (PRWEB) April 10, 2014
According to the Georgia Governor's Office of Highway Safety crash report there were 342,156 car accidents in Georgia in 2008.
In the TV segment, Diminished Value of Georgia's senior car appraiser, Tony Rached, is seen explaining how his company helps accidents victims recover the maximum for their insurance claim.
Diminished Value as explained by Mr. Rached, is the reduction in resale value a vehicle suffers after being repaired from an accident or collision. Car buyers will never pay the same money for a wrecked and repaired vehicle as they would for an undamaged counterpart.
After a 1999 Georgia court decision called Mabry vs. State Farm (Georgia Supreme Court FILE NO. SU 99 CV 4915, 12/01/00), insurance companies are required to pay for a crashed car's lost trade-in value. The formula the court used in that case assigned an arbitrary loss in value percentage that doesn't reflect the true diminished value a vehicle suffered, this formula is widely used by insurance carriers today. This formula is called 17c.
What is 17c?
The 17c formula, named after paragraph 17 of the Mabry v State Farm court case caps the loss in value a vehicle suffers at 10% of the vehicle's NADA book value. Mr. Rached explains that the 17c formula used by insurance companies is "quite inaccurate" and continues to explain that vehicle owners should obtain their own car appraisal to challenge it.
In 2008, Georgia Insurance Commissioner, John Oxendine issued a directive stating that: "The Department has never promulgated or produced by regulation any formula for use in the determination of diminution of value as it relates to physical damage claims nor has the Department endorsed any specific formula or method.", it also gave insurers instructions to :" take into consideration all relevant information in the evaluation of diminished value claims including, but not limited to, relevant information provided by an insured regarding diminution of value."
On the TV segment, Mr. Rached showed the host Christine Pullara how dealers can identify repaired body damage to a vehicle and how vehicles lose value after an accident.
In a question to Mr. Rached, Ms Pullara asked "why should our viewers hire Diminished Value of Georgia?", Mr. Rached replied that " there's a lot of money being lost on claims that goes uncollected by vehicle owners" and that "the loss in value is legally owed by insurance companies at the time of the accident" he adds.
Diminished Value of Georgia is a locally owned auto appraisal company offering a multitude of vehicle valuation services. The company was started in 2007 by Tony Rached and currently processes about 500 Diminished Value appraisals per month with field inspectors covering the entire state of Georgia.
For more information about the car appraisal services offered by Diminished Value of Georgia clients can call 678-404-0455 or visit: http://diminishedvalueofgeorgia.com