Being Used to Defraud
Mabry v State Farm…
In a Georgia case law precedent, entitled Mabry v State Farm, it was determined that insurers must pay Diminished Value to their own Policyholders …
Court Order…
The Georgia Supreme Court ordered State Farm to develop a method by which Diminished Value could be measured …
State Farm’s Formula…
State Farm developed an ultra-conservative formula designed to minimize payments to State Farm policyholders … The Maximum payable, under their formula, is only 10% of the pre-Loss value of the vehicle ... Then it applies “Modifiers” designed to lower their 10% baseline value …
Limited Approval…
That formula, now known as formula “17c” was “Approved” by the Georgia Supreme Court as … an Alternative, in the absence of any other verifiable method of measure …
Departments of Insurance…
Formula “17c” has Never been endorsed by the Georgia Department of Insurance nor any other DOI in any other state …
"Formula 17c" now Banned …
On December 01, 2008, the Georgia Dept of Insurance BANNED the use of any "Formula" from being used to evaluate Diminished Value Claims ... This includes "Formula 17c"
The Lie…
Some insurance companies around the country, including State Farm, continue telling consumers that “formula 17c” has been “Ordered by the courts” … that is a LIE by omission !
Caution…
Now, some Diminished Value Assessment Services, in an effort to ingratiate themselves to and solicit work from insurance companies, use “formula 17c” methodology. These same service providers also masquerade as consumer advocates. They market their “formula 17c” reports directly to Consumers calling their methodology “Proprietary” … is that FRAUD ?
About iCan…
Not only does iCan NOT use “formula 17c” methodology, we also know how to de-bunk any evaluations based upon “formula 17c”.
Dramatic Example…
In April, 2007 an insurance industry preferred Diminished Value Appraisal Service reviewed a damage repaired late model Jaguar, on behalf of Zurich-American Insurance Company. Their “formula 17c” defined a Diminished Value of … $1,600.00.
Our iCan affiliate (with our "coaching") testified on behalf of the vehicle owner … The court awarded a Diminished Value judgment of … $11.500.00.
Never… Never…
Never … let an insurance company tell you how much they owe you. If what you are being told doesn’t sound right … Request a Free Diminished Value Estimate direct from iCan !
Go to ... (or Go Back to) ... Diminished Value Options page.
