Diminished Value of Georgia, the southeast region’s top-rated vehicle appraisal company, has launched a new website devoted to educating consumers about the faulty, inaccurate 17c formula that many insurance companies use to measure the diminished value of a damaged car or truck.
The user-friendly and informative website, 17cformula.com, offers consumers background into how the formula came to be used by insurance companies and why car accident victims should not allow their insurance companies to use the formula to evaluate the diminished value of their damaged vehicles. Essentially, the formula was created during a class action lawsuit in 2001 to assess the damage to the 25,000 vehicles in the suit. The ruling offered the formula as an efficient way to move forward with paying claimants the damages they were owed. It was meant to be a temporary solution, but insurance companies have continued to use the formula in spite of its inaccuracies and flawed logic.
Insurance companies are not required by law to use the 17c formula, but they often do. Frequently, this enables them to pay less to accident victims than they are rightfully owed. This percentage-based formula yields values that are much lower than the actual loss amounts, consequently saving the insurance carriers millions of dollars at the expense of accident victims. In order to ensure you are receiving the fair and just amount for your damaged vehicle, you should have a licensed appraiser assess the diminished value of your car. Diminished Value of Georgia provides accurate vehicle valuation reports that properly quantify the loss in value an automobile has incurred after an accident or incident (such as from fire or flood). The vehicle appraisal reports are then submitted to insurance carriers who, by law, are required to present them as evidence in the claims.
DVGA provides appraisals for all types of vehicles, including specialty and antique cars. It is the only auto appraisal business in Georgia that offers appraisals for a flat rate, with no hidden fees or additional costs. Diminished Value of Georgia is a licensed auto appraisal company, performing an average of 500 vehicle appraisals a month. It is BBB accredited and A-rated by consumers, a rating that is rare in the automotive world. Before ordering an appraisal, customers are encouraged to request a free quote.
Consumers should take time to learn about the 17c formula so they can be prepared in the event they are in an accident. The website provides resources such as a free, informative ebook explaining the usage of the 17c formula as well as a free rebuttal letter that claimants can send to their insurance companies to request just compensation. To receive more information, including instructions on how to file a claim for diminished value, as well as a diminished value calculator, please visit Diminished Value of Georgia online or call (678) 404-0455.