What is diminished value and how do I know when I am entitled to it?
Diminution of value happens when a vehicle is wrecked or damaged in an accident. The vehicle is then repaired or restored back to road worthy condition.
The insurance company agrees to pay the auto claim for the repairs. You have your vehicle back, but it’s not worth the same as it would have been had it never been damaged.
What does this mean for you? Diminished value is the difference between what your auto was worth before the accident and after the repair.
Was your accident caused by another party? Are you entitled to file a claim against the other party’s insurer for the loss of value your vehicle sustained because of their negligence?
Has your car diminished in value because of the repairs required by an accident? How do you know? How do you know if it is worthwhile to file a claim for diminished value?
AAG is your diminished value appraisal professional. We make it our business to know.
Tort law states: Compensation for damages to personal property can include the reasonable cost of repair or restoration with due allowance for any difference between the original value and the diminished value after repairs.
Let AAG help you determine your vehicle’s diminished value so that you can be sure your diminished value claim includes everything you are entitled to.
For What It’s Worth
Auto Appraisal Group’s Definitive Blog about the world of automobile value. View More Articles…
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