Safeco Insurance Company Safeco, Safeco Insurance Company of Illinois, American States Rejecting a diminished value claim, stating there is no loss and no formula diminished value Fenton Missouri

I have read several articles published by ST. Lucie Appraisal. I have several reports from BMW dealerships, and two others by certified appraisal representatives which one inspected the vehicle. We submitted the bottom line inherent diminished value report in hopes it was far to both parties.

A representative from Safeco tried to intimidate myself and my wife stating there was no diminished value due to repairs being completed, however offered a settlement.  Also tried to illicit legal advice by stating a judge would only take his report then divide the difference to our reports. Of course, other tactics and deceitful comments were made. To this date nothing has been given in writing as requested.

We have filed a report with the Texas Department of Insurance as well. It is my belief this falls under unfair claim practices

Thank you for your comments!

Let me play devil's advocate but before I do, let me acknowledge that all of the large insurance companies do either deny or severely underpay third-party inherent automobile diminished value claims.

I'm curious about the "several reports" that you provided to Safeco in the $5K-$6K range. The quality of the diminished value report is important. If they were letters from local dealers, for instance, you have given Safeco the excuse that "your dealers business model is to maximize their profit by buying low" which anyone would agree is valid. Then there are the many independent auto appraisers that use formulas or algorithms to calculate the amount of value your car has lost. Formulas don't represent real evidence and the insurers know it. There are also independents who by virtue of their years of experience simply write down a number with no supporting data. A magistrate would view this as inconclusive so by providing any of these types of reports you would practically be inviting Safeco to say "go ahead and sue us."

If you provided Safeco with a comprehensive DV report where the appraiser actually did the work and called sales managers at new car dealerships for their unbiased expert opinions, your claim would likely get more respect and a more appropriate settlement offer been made. It's just as much the fault of the shoddy reports done by the independent appraisers people hire to prepare their reports as it is the insurers failure to settle these types of claims in a fair manner that makes it seem so impossible to collect for diminished value after accident repairs. Best of luck.