Consumer advocate website TheyWroteOffMyCar.com Inc. has launched a branch of its website called MyCarIsWorthLess.com designed to help all parties involved more accurately assess a vehicle's diminished value after it has been damaged and an insurance repair claim has been filed.
The service uses a specialized calculator to estimate the diminished value based on the vehicle information, enabling both insurance companies and policyholders to reach a reasonable settlement unbiased by either side's interest in the final value. That value is determined after users enter criteria such as the make and model of the car, including details like the market size and repair costs.
The quotes and information used to reach an estimate were collected by the two chief architects of the software, who together have more than 30 years of experience in vehicle buying and insurance auto appraisals. The calculator is based on an algorithm developed specifically for estimating inherent diminished value, and does not include insurance-related or repair-related diminished value.
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