Accident + Repair = Loss In Vehicle Market 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 a lot less compared to a claims-free vehicle, even if repaired properly. This loss in market value is known as Inherent Diminished Value or Accelerated Depreciation.
Except for a few US states, YOUR insurance policy does not typically cover Diminished Value.
However, every vehicle driven in North America is required to have liability insurance coverage, which in part covers losses suffered to someone else's property (including their cars) by the at-fault policyholder. When this property is a vehicle, such losses include items not covered by auto insurance. Diminished Value is such a loss.
In plain English, if an accident is someone else's fault, you have now suffered a loss in vehicle value through no fault of your own. Unless specifically excluded in the wording of the Insurance Act for your jurisdiction, the other party's liability coverage should be responsible for covering your loss. However, you have to demonstrate the fair and reasonable amount of loss that you suffered, even if it is just a paper loss.
For only $75 (includes free demand letter and phone support), 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 understand how to reclaim your loss according to the rules of your jurisdiction.