What Is Diminished Value?
Accident + Repair = Loss In Vehicle Value
The Good News - You May Be Entitled To Recoup It.
Download our FREE step by step guide to find out
how to get back your diminished value.
Once your vehicle has an insurance claim registered against it, buyers will perceive it to be worth less and it will never again be sellable at fair market value compared to a claims-free vehicle, even if repaired properly. The amount of loss in market value you have incurred is known as Inherent Diminished Value or Accelerated Depreciation.
Some jurisdictions in North America make Diminished Value mandatory regardless of who is at fault. In most jurisdictions however, only the not-at-fault party is able to claim for Diminished Value.
Your insurance policy does not typically cover Diminished Value.
However, every insured driver in North America is required to carry liability coverage. The wording of the coverage may differ from state to state or province to province however the intent is essentially to provide coverage for, among other things, losses to someone else's property as a result of their fault. Diminished Value is such a loss.
In plain English, if someone hits you, you have now suffered a loss in vehicle value through no fault of your own. Their liability coverage is responsible for covering your loss.
To make a claim, you start by determining how much you are claiming. It must be a credible, fair and reasonable amount and should be defendable if their insurance company decides to dispute your claim. The best way to determine the amount is to compile data from multiple independent, professional sources that have expertise in areas of diminished value.
For only $39, our diminished value calculator generates an instant professional opinion report of inherent diminished value which, together with our free step by step guide, can help you reclaim your loss according to the rules of your jurisdiction.
We also offer a premium concierge service which provides all necessary reports, a demand letter, supporting documentation and training, as well as expert witness testimony if required. This service costs between $599-$999 depending on when the claim is resolved. Depending on local practices, courts may award some or all of your expenses and legal fees as part of a winning judgment.
Our Recommended Steps:
- Run a report to see if a claim is worth pursuing. View Sample Report
- If it is, then review our free step by step guide to see if you want to do it yourself
- If you want help, contact us by phone or email. The cost of the report will be credited against our concierge service fees.