What is Diminished value? And why is it important?
Here are some frequently asked questions. If you still have a question that you would like an answer too feel free to contact us here
Diminished Value is the difference in value between a vehicle with an accident history, and the same vehicle without an accident history. This is also known as”Loss of Value“.
Yes. The insurance industry would hope you didn’t. However, our experience shows that if you have a professional company representing you in your claim, you will most likely end up collecting.
No. The vehicle is still worth less regardless of it being repaired properly due to the accident. The fact is, you cannot sell it for the same amount as a like vehicle which has not been in an accident. And no dealership will take it in as a trade in for the same amount. Insurance companies have tried to avoid paying on Diminished Value claims for years and they do and say whatever will justify their position.
Yes. Whether or not you were the cause of the accident, once a vehicle has been involved in an auto accident and needs repairs, the value of the vehicle drops no matter who was at fault
Yes you can. When it comes time to sell your vehicle, it will still be worth less no matter the quality of the repair. With that being said, you are still entitled to compensation