What Is Diminished Value?

When your car is involved in an accident it sufferes physical damage. When your vehicle is repaired that physical damage is fixed. What is left is the loss of value that you car has because it has been involved in an accident.

If you are looking at two identicle used cars that are priced the same and you find out that one of them has been in an accident and the other has not, which car will you choose to buy?

The fact that a vehicle has been in an accident, thanks to services like Car Fax, will follow that vehicle for the rest of its useful life. This will make the value of the vehicle less than a comperable vehicle that has not been in an accident.

For the above reasons, most States allow a claim of damages called a diminished value claim. This blog is designed to help you make that claim and receive complete compensation after a car accident.

Thursday, June 9, 2011

When Is A Diminished Value Claim Made

A diminished value claim is made after your vehicle has been completely repaired. If you are not satisfied with the repairs or more work is needed, take the car back to the shop and request they complete the work. Once you are satisfied that the car is completely repaired, then you can make a diminished value claim.

A diminished value claim can be made before your personal injury claim is completed because diminished value is part of the property damage claim and not the BI, or Bodily Injury claim.
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