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Reply to Diminished Value Claim and a Second Collision...     
Old 01-25-2017, 11:18 AM   #21
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LostDollar on Diminished Value Claim and a Second Collision...
 
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Diminished Value Claim and a Second Collision... Re: Diminished Value Claim and a Second Collision...
Originally Posted by dvexpert View Post
Just Fyi, the 17C formula was created by a court simply to settle a Georgia class action lawsuit against State Farm. It has never been "approved" by ANY dept of insurance in any state and there is no case law that supports this formula(or any any other).
Re case law: It's been a long time since business law class- but doesn't the formula being used to settle a case make it case law?

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  Reply With Quote to Diminished Value Claim and a Second Collision...
Old 01-25-2017, 01:44 PM   #22
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dvexpert on Diminished Value Claim and a Second Collision...
 
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Diminished Value Claim and a Second Collision... Re: Diminished Value Claim and a Second Collision...
Only for that one class suit because there was no other logical way to settle that many claims. Strangely, in certain circumstances the formula output can suggest that the vehicle owner actually owes the negligent party money. Even the Georgia department of Insurance had to issue a statement confirming they do not support the use of any formulas to settle dv claims.
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  Reply With Quote to Diminished Value Claim and a Second Collision...
Reply to Diminished Value Claim and a Second Collision... 

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