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.”
Diminished Value: The Secret Your Auto Insurance Company Hopes You Never Learn
Diminished Value is the best-kept secret your auto insurance company is likely keeping from you, and one it probably hopes you will never learn.
To consumers the term, diminished value, may be a relatively new one. But, after having paid claims to both insureds and claimants for more than eighty years, you can bet insurers are [...]
