Who's Entitled to Diminished Value?
If your vehicle has been in an accident, you may have lost money. This loss may be owed to you for up to six (6) years.
What is Diminished Value?
There are 3 Types of Diminished Value:
- Inherent Diminished Value - the automatic loss in vehicle market value from an accident. Almost every damaged vehicle will haves some measure of inherent diminished value which is still an actual loss to the consumer.
- Repair Related Diminished Value - a loss in market value due to remaining flaws and defects caused by improper repairs. Items in this category have been paid on the repair estimate, but have been repaired improperly, or perhaps overlooked completely.
- Insurance Related Diminished Value - a loss in vehicle market value due to insurance claims practices. This is typically caused by the insurance company failing to pay to repair a flaw or defect listed on the repair estimate.
|
