FT. LAUDERDALE, FL, Feb. 16 /CNW/ - When the developers of MyCarIsWorthLess.com came up with the idea of an online diminished value calculator, it was
for the purpose of helping consumers get fairly compensated after an
insurance repair claim. To their surprise, some insurance companies
found success using this tool to assist them with settlement.
Jim McBreen, an independent adjuster from Florida, was working on a
claim for a 2009 Aston Martin for one of his insurance company clients.
When the issue of diminished value arose, a supervisor at the insurance
company suggested Jim check out MyCarIsWorthLess.com to arrive at a value. The diminished value for this $211,000 vehicle
worked out to $38,955.
"The web site was very easy to use, inexpensive and gave me an instant
value which makes settlement a lot faster", says McBreen. "I thought
the value computed was very fair and realistic".
Laura, a company adjuster for a Kansas insurer who asked not to be
identified, ran a report and sent it to their policyholder who settled
"It's one more tool in our toolchest to help us do our jobs faster and
make our lives easier" said Laura.
"Diminished value has previously been a challenge because it is very
hard to quantify" claims Viraf Baliwalla, President of TheyWroteOffMyCar.com, the owner of the MyCarIsWorthLess.com website. "Further, insurers are experts in insurance, not vehicle
pricing. So they have to rely on the policyholder to demonstrate the
amount of their loss which can result in very exaggerated numbers".
Joseph Troise, a professional independent appraiser from California, ran
his own appraisal for a client's 2010 Honda Odyssey and compared it to MyCarIsWorthLess.com's online calculator.
"I was quite surprised at the accuracy of the calculation" said Troise.
"It gives me one more independent, expert research source to support
the value when I represent my clients".
Some insurers claim that a vehicle does not sustain diminished value so
long as it is repaired properly. "That is a completely unreasonable
assumption", says Baliwalla who also has an auto dealer's license.
Baliwalla recently bought a 2009 Lexus ES350 from the auction. Two
weeks prior, the same vehicle had run through the auction and sold for
$31,000 to another dealer. There had been an accident on it which had
not been disclosed. As per auction arbitration rules, the vehicle was
returned. Two weeks later, it ran again. After disclosure, Baliwalla
was able to buy it for $25,250 because of diminished value.
"Once a vehicle has a claim registered against it, the value of the
vehicle drops substantially", claims Baliwalla.
TheyWroteOffMyCar.com is a helpline for consumers whose vehicles have been deemed a total
loss by their insurance company. With the addition of MyCarIsWorthLess.com, they expand their offerings to repaired vehicles as well.
For further information:
For media inquiries, contact Viraf Baliwalla at (866) 310-8701 x303 or email firstname.lastname@example.org