After an accident, what is Diminished Value and why you should be concerned

(information provided by Collision Safety Consultants)

This will help you understand diminished value better.

Bottom line, if you are in an accident and you car is repaired, it is now worth less than prior to the accident and you should be compensated for that decrease in value.

Inherent Diminished Value:

The automatic loss in the vehicle market value from an accident and repair. A wrecked and repaired vehicle is worth less than a vehicle that has no wreck history. This is based on public awareness of such things as car fax, Auto Check , Title searching, and insurance reporting agencies. The simple fact that even if a vehicle is repaired to the best of human ability, it will still exhibit remaining deficiencies and inconsistencies from the pre-loss condition of the vehicle. These deficiencies include, but are not limited to:

• Weaker structural components that appear cosmetically sound
• Impossible to duplicate factory seams, sealers, and finishes
• Telltale signs of repair, such as paint missing off the heads of bolts
• The unavailability of some factory decals, and markings
• Undiscovered Kinetic damage throughout the vehicle
• The increased likelihood of a mechanical failure
• The effect that the repair will have on the future deployment of the SRS systems
• The impossibility of duplicating immersion rust-proofing techniques, etc.

Auto Theft and Your Car

Did you know that nearly half of all auto thefts are due to driver carelessness, such as leaving doors unlocked or leaving keys in the ignition? Although there may be little you can do to stop a determined thief, here are some tips you can consider to discourage thieves and make your vehicle as difficult to steal as possible.

Keep your vehicle locked at all times. When you park your car, even in your own driveway, roll your windows all the way up and lock the doors. Resist the temptation to leave windows cracked open during warm weather.

Always take your keys with you. Keep spare keys secure, never in your vehicle. Many people make the mistake of hiding a spare key in the wheel-well or a different place under their car for emergencies. The problem is, just like putting a spare house key under your doormat, criminals know all the hiding places.

Never leave your car running and unattended. This type of crime is especially prevalent at gas stations, ATMs and convenience stores. If you’re not behind the wheel, turn your vehicle off.

Keep personal items out of sight. Never leave valuables like a laptop computer, briefcase, purse, wallet or cellphone in plain sight. Leaving anything of value on display, even small change, is enough incentive for some people to break in. If you must leave valuables in your car, lock them securely in the trunk, lockable glove box or console.

Watch where you park. Parking in a well-lit area will help deter criminals. Thieves are less likely to target your vehicle if passersby or cameras can easily see them. At home, lock the garage and your car. If you use a parking garage, try to park near a security camera or attendant.

Invest in a vehicle security system. If your car doesn’t have an electronic engine immobilizer, consider having a professional install an approved system that disables the ignition and activate it every time you leave the car. Audible devices such as a horn alarm deter theft by emitting sound that calls attention to an unauthorized attempt to steal or enter your vehicle. Finally, consider a vehicle tracking and recovery system. If your car is stolen, it can be tracked and recovered using GPS, transmitter or similar technology.

You can’t stop every crime, but by following a few precautions, your car can become a less attractive target to would-be thieves. Please contact me with any questions that you may have – I’m here to help you manage the risks in your life and to provide you with trusted advice.

Top 10 changes you should let your insurance agent know

Here are some of the top 10 changes you should tell you insurance agent. These types of changes may effect your insurance coverage and you should contact your insurance agent A.S.A.P.

1) Have you recently become engaged, divorced or separated?

• in many cases, change in marital status may help you lower your annual premium
• in many cases, most companies offer multiple driver or multiple car discounts

2) Have you recently moved out of your home AND now renting it to others?

• in most cases, your coverage needs change if you are renting verses living in your home
• in most cases, you will need to change your policy to a Landlord policy to maintain coverage

3) Are you now living with someone in their home?

• in most cases, unless you are married to the person you are living with, your personal property is not covered under their homeowner's policy
• you will need to get a Renter's policy to cover your personal property

4) Have you taken a renter into your home?

• in most cases, your renter's personal property is NOT covered under your home policy
• in most cases, your renter will need to get their own Renter's policy

5) Are their adult children (over the age of 18) in your home?

• Many insurance companies require adults 18 years old and over to be listed as a named insured on your policy in order for their personal property to be covered in case of a claim

6) Have you added a swimming pool to your property?

• it is a good idea that if you have a swimming pool on your property, you should carry at least $300,000 in liability coverage
• it is a great idea that if you have a swimming pool on your property, you should have some type of barrier (swimming pool fence) for the safety of little children

7) Are you now driving for Uber of Lyft?

• many insurance companies require you to notify them if you drive for Uber or Lyft

8) Is their a new driver in your household?

• Most insurance companies require that ALL licensed drivers in your household MUST be on your auto insurance policy IF they do not have their own auto insurance coverage

9) Have you recently changed your address, phone number or email address?

• Unless you notify your agent of these types of changes, they will be unable to contact you if there is a problem with your policy or coverage

10) Have you recently purchased, leased or eliminated a car from your household?

• Most insurance companies give you an automatic 15 to 30 days of coverage on a new car you have purchased but after that, you will have NO COVERAGE