Diminished Value of Georgia Releases Its 2014 List of the Best and Worst Insurance Companies
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Diminished Value of
The diminished value of a car is defined as the quantifiable loss in value that a vehicle incurs after a car accident or other incident (such as fire or flood). An insurance company is required to reimburse the insured party for the actual amount of loss in the value of the car as a result of the damage. Diminished value is different from depreciation in that it is sudden and unexpected. Depreciation is the predictable loss in value of a vehicle over time. When an insured party files an auto claim, he or she should seek compensation from the insurance company for diminished value.
"We process a large number of claims every month," says
Below is a list the company compiled that ranks insurance carriers based on how easy and fair their diminished value processes are, according to feedback received from Diminished Value of
The Best (insurance companies that offer fair and reasonable diminished value payouts in
1. Geico
2.
3. Progressive
4. Nationwide
5. Country Financial
The worst insurance companies, these are carriers that underestimate diminished value and therefore offer extremely low payouts in
The list ranks carriers based on four main criteria:
• Fairness of the initial diminished value offer
• Timeliness and efficiency in processing the claim and settlement amounts
• Quality of the appraisers hired by the carriers on first-party claims
• Overall customer satisfaction
Diminished Value of
Note: Diminished Value of
For more information about Diminished Value or insurance claims please contact
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