What is Diminished Value?
Diminished Value, particularly applied to automobiles, is the difference between the value of a car before an accident and then the value of the car after repairs. In order to make a diminished value claim, you will need to consult an expert who will quote a price to you. Claims are usually made when insurance companies undervalue the repaired car.
Why is it important to understand DV?
If you were in an accident and was not the at-fault party, you may qualify for a diminished value claim and save thousands of dollars! You should not be punished by having the resale value of your car lowered for an accident that was not your fault.