Areas of Practice
Every year, tens of thousands of vehicles in Pennsylvania are declared total losses by insurance companies. The impact to individual vehicle owners can be substantial. You're now without a vehicle, and the insurance company can drag your claim out to put you in a weaker position when settling. If you're a bank or other financial institution that provides loans to consumers, the impact is far more considerable. If the insurance company isn't valuing your book of vehicles correctly, you're exposing yourself to additional default risk. Imagine that your customer's vehicle has been undervalued after a total loss: they are now without a vehicle and are upside down with their loan. This scenario often results in rolling old debt into a new loan, which can snowball into bigger problems in the future. AEG can drastically reduce your risk and value your book of vehicles more accurately, which leads to higher customer satisfaction and reduced risk.
The state of Pennsylvania currently only recognizes third-party diminished value claims. This means that consumers can't submit claims against their own insurance providers, only against at-fault providers. The state also doesn't set forth any criteria on how insurance companies must handle diminished value claims, which tilts the balance of equity heavily in the favor of insurance companies because individual consumers are largely left without adequate representation. Our consultants are state-licensed appraisers and are extremely knowledgeable on vehicle valuation, as well as being deft claims navigators. Let us help you receive the compensation you're due.
Lending institutions such as banks and dealerships possess substantial risk for each vehicle they finance. In the unfortunate event that a repossession takes place and the vehicle is damaged, these lenders must finance the necessary repairs to help recoup some of their losses. Lenders in the state of Pennsylvania are allowed to make a claim against the customer's insurance in order to pay for repairs. Many times, insurance companies instruct their damage adjusters to write lower-than-cost repair estimates and drag out the claim in the hope that lenders just give up. Our licensed appraisers can negotiate the full cost of repairs directly with repair facilities and insurance companies.