What is Diminished Value?
The full original value of the vehicle will likely never be regained, but taking your vehicle to a reputable non-DRP repair facility who does quality repairs will minimize the loss in value.
Most Insurance Companies will not mention diminished value to you in an effort to avoid having to pay, but in many states they are obligated to compensate you for diminished value whether you are an insured or claimant. If you disagree with the compensation amount offered, hire an independent appraiser to inspect the repairs and give you an non-biased report on the amount of value lost on your vehicle. Try to avoid internet based evaluations that are many times inaccurate and not admissible as evidence if needed.
Contact us if you need help locating a reputable independent appraiser in your area to help with your diminished value claim.
The loss in value of a damaged vehicle is known as diminished value. The amount of diminished value of a damaged and repaired vehicle depends on several factors including pre-loss value of the vehicle, nature and severity of the damages, and quality of the repairs made.