MyCarIsWorthLess.com announces the launch of its Diminished Value Protection Plan, a prepaid membership-based service that helps eligible members recoup their car’s diminished value after an auto accident.
Memberships will be sold in dealerships alongside rust protection, gap and other F&I products. And they are available any time, not just when the car is sold or leased.
In 2010, Viraf Baliwalla created the MyCarIsWorthLess.com website. It was one of the first online diminished value calculators.
He told Canadian AutoWorld that consumers use the site to calculate the diminished value of their vehicles after accident repairs.
He said insurance companies also use it to settle diminished value claims while his Diminished Value Report has been accepted as fair and reasonable.
“Most U.S. states and Canadian provinces do not cover diminished value as part of one’s own insurance policy. However, every driver is required to carry liability coverage for damage they cause to other people’s property,” he said.
If the car owner is not at fault, they can recover the lost value in court by suing the at-fault driver and their insurer, but few do because of the cost and challenges of suing an insurance company.
And those who succeed don’t often win court and legal costs.
Baliwalla said 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.
“We created a service that will actually do it for the consumer and we will guarantee that we will reclaim at least 80 per cent of the diminished value without the member having to go to court or else we will buy up those rights and pay the member the 80 per cent.
“Members also receive a coupon if they trade the vehicle back in at the selling dealer as a dealer retention bonus.”
Baliwalla said he is in the process of having the product underwritten.
For more information, contact Viraf Baliwalla at 416-249-5474 or firstname.lastname@example.org.