The Auto Channel
The Largest Independent Automotive Research Resource
The Largest Independent Automotive Research Resource
Official Website of the New Car Buyer

Advice to Motorists on How to Receive Compensation for their Auto's Loss In Value After an Accident

CHICAGO, Oct. 1 -- Anyone who has ever been in an accident knows that their car is never the same again, but now motorists are starting to receive compensation for the auto's loss in value or, diminished value, as it's known in the industry.

ClaimCoach, www.claimcoach.com , an online automotive insurance claims service, provided expert testimony in Georgia forcing all insurers 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, www.claimcoach.com , 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 ($59) for use in negotiation with their insurance company.