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Letter to the Editor
Tuesday October 1
ClaimCoach Offers Online Advice to Motorists on How to Receive Compensation for Diminished Value After an Accident
Compensation for a vehicle's loss in value after an accident, termed diminished value, is a hot topic in the Collision Repair Industry in 2002. One viewpoint has been put forward by a ClaimCoach press release:ClaimCoach, www.claimcoach.com , an online automotive insurance claims service, provided expert testimony in Georgia that the company says will force all insurers in Georgia to pay diminished value in that state's automotive insurance claims and is active in a number of other suits.
"Insurers have always quietly acknowledged the existence of diminished value, but have not paid it on a consistent basis," says Bill Geen, President of ClaimCoach.
Nationally dozens of cases are pending regarding diminished value. "Rulings around the country have been mixed when a motorist causes an accident and damages their own car, but the courts have historically ruled favorably toward claims by motorists who have been hit by another vehicle," said Geen.
Even when courts state that payment must be made for diminished value, consumers still need to watch that they are receiving full compensation for their car's loss in value. In Georgia, ClaimCoach found that in a significant number of the cases calculations were done incorrectly, severely undervaluing the diminished value for the autos.
"Accident victims need to judge for themselves if they are offered a fair payment for diminished value," said Geen. "We have made our nationally recognized formula available online to consumers for analysis of their settlements."
At ClaimCoach, accident victims can receive a free report that provides them with a range in which their settlement should fall and then with a more detailed report, for a cost of$59, for use in negotiation with their insurance company.
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