| #ffffff;" /> | | | | Diminished Value and Insurance |
| If you have been in a car accident with a newer | | | | Insurance companies generally do not |
| car that was not totaled but received a significant | | | | acknowledge the right to recover diminished value. |
| amount of damage, you may be entitled to more | | | | Insurance companies would have you believe they |
| money than you know about. Most insurance | | | | are your advocates when in reality they are your |
| companies won’t tell you that you may | | | | adversaries. Insurance companies promise to |
| be able to get a significant amount of money for | | | | restore your vehicle back to its pre-accident |
| a diminished value claim. Many people do not even | | | | condition, but fail to define exactly what that |
| know what diminished value means. | | | | means. Nowadays, a vehicle’s crash |
| Diminished value is the difference in value | | | | history is easy to track online, and a history of an |
| between a vehicle with an accident history, and | | | | accident can cost a vehicle owner thousands of |
| the same vehicle without an accident history. | | | | dollars. |
| Diminished value is the monetary difference | | | | Diminished Value and Accidents |
| between a car’s pre-accident value and its | | | | The fact that it has been involved in an accident |
| value after the accident – the automatic | | | | and repaired causes your vehicle to have |
| loss in value from a collision. Diminished value is | | | | diminished value. It has been estimated that 55% |
| very hard to prove, so many times you need to | | | | of consumers would not buy a car that had been |
| hire an attorney who handles diminished value | | | | in an accident. Although your body shop does an |
| claims, depending on what state you live in. | | | | excellent job and your vehicle looks as good as it |
| Diminished value exists as a real concept in the | | | | did before the accident, having been in a collision |
| insurance world and it is paid all throughout the | | | | it's now much less desirable if you should decide |
| country. Diminished value is the best-kept secret | | | | to sell it now or down the road. If you list your |
| that your auto insurance company hopes you | | | | car for sale in the newspaper for the Kelley Blue |
| never learn. Diminished value is a reality, even in | | | | Book Value, the first thing a buyer will ask is |
| cases where repairs eliminate all visual evidence of | | | | “Was this car in an accident?” If |
| damage. Diminished value is most pertinent in | | | | your beautiful late model car sustained structural |
| relation to late model cars that have low miles | | | | damage, or was repaired with cheap foreign |
| and have suffered structural damage. The | | | | parts, your buyer will likely not pap the same |
| amount of repair related diminished value is | | | | value for it as they would have before the auto |
| determined by the overall quality of the repairs. | | | | accident. |