DOJ Acknowledges Diminished Value in Total Loss Definition
Much to the chagrin of insurers, I suspect, “diminished resale value” is mentioned in the definition for a “total loss” on the new National Motor Vehicle Title Information System website. (NMVTIS is a DOJ program and DOJ is fully responsible for NMVTIS policy and operations)
Diminished value court expert, David Williams says, “While insurers continue to claim that diminished value doesn’t exist, the government acknowledges it and considers it a factor in determining when a vehicle is totaled. It’s time insusrers did the same when paying claims.”
Avoid Internet Scams Offering Free Diminished Value Reports
Popping up on websites all over the Internet are offers to provide free diminished value reports on cars and trucks after collision damages have been repaired. Generally speaking, a consumer inputs some basic information about their repaired car and the amount of crash damage it sustained, and receives in return an e-mail that states their [...]
