MyCarIsWorthLess.com has announced the launch of its Diminished Value Protection Plan, a prepaid membership based service that helps eligible members recoup their diminished value after an auto accident. Memberships will be sold through U.S. and Canadian auto dealerships alongside rust protection, GAP and other F&I products when purchasing or leasing a new or used vehicle. Additionally it can be sold by service departments at any time prior to an accident.
In 2010, the MyCarIsWorthLess.com website was created as one of the first online diminished value calculators. Since then, it has been used by consumers to pursue their diminished value after their vehicles have been repaired. It has also been used by insurance companies to settle diminished value claims. As well, their Diminished Value Reports have been accepted in court as fair and reasonable.
“It’s a painful process to seek compensation and legal justice for something that wasn’t even your fault” says Viraf Baliwalla, founder and developer of the MyCarIsWorthLess.com online diminished value calculator. “Someone runs into your vehicle, through no fault of your own. The car is repaired to industry standards but still has lost thousands of dollars on the open market compared to a claims-free vehicle because the claim is registered on the vehicle’s history report.”
Most U.S. states and Canadian provinces do not cover diminished value as part of an individual’s own insurance policy. However, every driver is required to carry liability coverage for damage they cause to other people’s property. Getting payment, however, can be a nightmare. Payment of diminished value is not generally regulated so one often has to take the at-fault party and the insurance company to court before payment is issued. The MyCarIsWorthLess.com Diminished Value Protection Plan provides members with a free service that takes care of this process and guarantees results within 60 days for up to $5,000 compensation without the member having to go to court. Members also receive a coupon if they trade the vehicle back in at the selling dealer as a dealer retention bonus.
“There is overwhelming legal precedence for claiming diminished value however without the proper documentation and expert witnesses, taking the other party to court could end up costing more” says Baliwalla. “And even if the case is won, judges don’t always award court and legal costs or cover your time”.
Baliwalla estimates that diminished value costs Americans $12 billion per year and Canadians $1.2 billion per year out of pocket.
For more information, click here: http://www.mycarisworthless.com/
