Diminished Value FAQS
Does CSI-NC Provide Diminished Value Appraisals Out-Side North Carolina?
No. Danny Wyatt owner of CSI-NC/ Collision Service Investigators- NC believes in true customer service and this cannot happen when being a national appraiser. For those who are out-state drivers passing through and the at-fault party is a North Carolina resident, then YES.
When Should I File a Diminished Value Claim?
Once the repairs are complete you can pursue a diminished value claim. Just make sure that the body shop’s final bill is actual having no additional supplements billing to the auto insurer.
How Long Does The Process of Recovering My Settlement Actually Take?
Regardless of what you may read from the on-line out-of-state appraisers websites, the actual time frame can be 45 days and more. There are several reasons why claims take this long:
The covid-19 virus has slowed things down.
The longer the at-fault auto insurer can drag matters out, the more interest on the money the at-fault auto insurer makes before the claim is settled.
Auto insurers know many claimants have other things going in their life and it is up to you the claimant to make things happen. The at-fault insurer is not going reminding you about your diminished value claim. Remember these words: “it’s the squeaky wheel that gets the grease."
One thing for certain, Danny Wyatt owner of CSI-NC is still by your side from start to finish whenever you are in need of advice.
What's the Cost and What is Included In My Report?
The appraisal fee is $325.00 which includes a FREE vehicle county property tax appeal appraisal. Why is a vehicle county property tax appeal appraisal included? Danny your appraiser is already having building information up in his appraisal and it's merely adding information needed for the vehicle county property tax appeal appraisal. Plus all 100 North Carolina county tax offices recognize diminished value for both first and third party claimants. If you opt for only a diminished value appraisal for your claim, then the fee is $300.00. Without foreseen obstacles you will receive your appraisal within 2-3 business days if not sooner. You also receive a type of demand letter to at-fault auto insurer, appraiser's consultation via phone or email throughout the entire claim process and negotiating with the auto insurer's dis-interested appraiser to reach an agreement of amount of loss.
What is in the report itself ? Is it USPAP Compliant?
First is the Appraiser’s Disclosure followed by the Vehicle Owner’s Name, Vehicle Description, the VIN Number, Date of Loss, Mileage Time of Loss, the Purpose of Appraisal, Description of the Damages, the NADA Pre-Accident Fair Market Value / Damage Disclosure in order for you to know if cost of repairs does or does not exceed 25% of the NADA value, the Factors Contributing to Diminution in Fair Market Value, followed up with the stated Diminution in Fair Market Value. Attachments are the NADA value, CARFAX and the body shops Final Repair Bill or Final Supplemental Summary. Total amount of pages varies. USPAP Compliant? Many out-state appraisers like stating their desk appraisal is "USPAP Compliant,"" which makes a person think they something special. Most USPAP appraisals are focused on real-estate appraisals. USPAP / Uniform Standards of Professional Appraisal Practice.
Something to Consider
If you were buying or selling a house in North Carolina would you hire an out-of-state appraiser? Of course not, so why hire an out-of-state appraiser to appraise your loss to your car, truck or SUV? As much as they like to make you to believe they are, the majority of the on-line appraisers are not located in North Carolina. If you speak to the appraiser asked them for a complete copy of their North Carolina Motor Vehicle Damage Appraiser license; the license will shown the state they are actually in. Collision Service Investigators - NC is located in Salisbury NC.
Danny Wyatt owner of CSI-NC/ Collision Service Investigators-NC will be adding more to the Diminished Value FAQS, if you have question regarding your diminished value claim, contact Danny by phone or email, or used the fill out form below.