Diminished value (also known as diminution in value) is the market value that your vehicle loses when it is involved in an accident. Many times, a vehicle is repaired to a very high standard and you cannot tell that it has suffered previous damage. However, the vehicle will have a Carfax report or other vehicle history report, which shows that the vehicle has suffered prior damage. As a result of being damaged, the vehicle is now worth less on the open market. When the vehicle is traded-in or sold to a private party, you will now receive less money. This is diminished value.
If your vehicle has been involved in an accident, you may be entitled to the diminishment in its value. Give us a call today to see if we can help you recover the money that you are owed.
If you would like to learn more about diminished value, please watch the video below which discusses this topic in more detail.