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diminished value

Diminished Value

What is diminished value?

Diminished value is the obvious loss in value of a vehicle after an auto accident.

If you were in the market for a used vehicle and you come across two identical cars, both of which seem like a fine choice. They have the same options, the same mileage, and the same price. You learn that one of the cars has been in an accident. Would you rather purchase the car that had not been in an accident, or the one that had been wrecked and repaired? Does it matter how bad the accident was? You would obviously choose the car without prior damage. How much do you think the owner of the wrecked vehicle would have to drop the price for that vehicle to sell? The difference in value of the wrecked vehicle and the one in good condition in the diminished value. Before you go telling your adjuster that you have a diminished value claim, the Claim Buster eBook will teach you the correct procedure that should be followed in order to claim the maximum about of money for your settlement.

There are two scenarios in which you can claim diminished value.

  1. When you're are making a claim against a 3rd party insurance and your vehicle is repairable.
  2. If you were hit by an uninsured driver and you have uninsured motorist coverage in your policy.

Insurance companies hate it when you bring up diminished value. That doesn't mean that you should bring it up as soon as possible. For the best strategy on how to make a diminished value claim, download the Claim Buster eBook.

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How do I get more money for my total loss setlement? What is Loss of Use? What are my rights after a car accident? What should I do at the scene of the car accident? Should I give a recorded statement? How do I prove what my vehicle is worth? Should I hire a lawyer? Will my own insurance rates go up? Should I release my vehicle to the insurance company What does it mean to mitigate my damages? My settlement is less than what I owe, what now? How can gap insurance help me ? What is my pain and suffering worth?

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