Frequently Asked Questions
1. In the case of at-fault drivers, is the loss tax deductible?
According to the IRS, the DV is tax deductible. In the event that you’re involved in a car accident and you’re at-fault and you’re living in a state that does not cover DV, you can withhold it with our diminished value claim appraisal report for up to 3 years prior to your accident.
2. How to Collect Diminished Value?
You can only collect DV if you provide the at-fault’s insurance company with a genuine diminished value claim report, documenting the extent of the DV claim. The DV report should explain the extent by which the DV was determined. Also, the DV report should include the recognized independent authority that supports that DV assessment expressed in your report. Due to the complexity of DV reports, it is highly important that you choose the most reliable professionals to do it for you.
3. Do You Need a Lawyer/Attorney?
Diminished Value claims may be a legal action, but you may not need an attorney. More than 93% of our clients have successfully negotiated a satisfactory settlement with the at-fault’s insurance company without litigation. The remaining 7% of our clients have filed legal suits on small claims, but half of these never moved forward. With our clients filing small claims suits, the insurance company of the at-fault party is brought to the ‘table’ and a satisfactory settlement is made.
But, you may still need to hire an attorney if the amount of DV exceeds the amount covered by your state’s Small Claims Court authority. In the event that you hire an attorney, we can help your lawyer to prosecute the case and get your DV claims that is rightfully yours.
4. What is the Diminished Value in Oregon and Kansas?
In the states of Oregon and Kansas – if you decide to retain your lawyer and the at-fault’s insurance company failed to pay your DV claim within 30 days time, the law requires the insurance company to pay all your lawyer fees and expenses. Through this way, you can keep 100% of your DV settlement.
Our Diminished Value Formulas
The formula 17c was considered as the geneses of all DV formulas. But, the 17c formula was subject to approval and must be applied only in the absence of genuine and verifiable information. The 17c formula is used by many car insurance companies and turned to a tool used to suppressing their pay out on DV claims. Nowadays, there are many insurance firms pretending to be consumer advocates using the DV formula to their own advantage.
Many Discount DV “pretenders” charge small amount for their over inflated formula based appraisals that are often rejected by insurance firms and the legal court. Companies that use instant formula based appraisals know that it will not work and only after your money. You may not know this or haven’t realized this yet, but every useless diminished value claim appraisal report can cost you $100.
In addition, there are also DV value companies promoting their service with no contingency fee. At first glance, you may think that it’s to your advantage. But, these companies use under value DV formula and they know that this will b accepted by the insurance companies. They negotiate directly to insurance companies and accept low settlement on your behalf.
With us, you can ensure that you will get the settlement that is rightfully yours. Our appraisers are licensed, insured, and bonded. The firm is a member of the Better Business Bureau. Out appraisals are credible and accurate.