Diminished Value Insurance Disputes
"Diminished value" is:
The reduction in a vehicle's market value occurring after a vehicle is wrecked and repaired.
A reasonable person will not pay the same price for a wrecked, then repaired vehicle, as they will for a vehicle with no prior accident history. Even if the repairs are proper, the vehicle will still lose value.
"Diminished value" legally exists when someone else is responsible for the damage, i.e. a third party insurance claim.
To collect diminished value after a car accident, insurance companies usually require a diminished value report. These reports are properly generated by a certified expert appraiser.
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The following are the major factors that have an effect on the amount of diminished value; i.e. reduce resale market of a vehicle with risk as a result of damage history.
- The paper trail history of accidents reported by Carfax, NICB, etc.
- Age, mileage and ownership history of the damaged vehicle -- the newer and/or lower mileage of the vehicle, the higher percentage of the potential loss.
- Prestige factor -- this influences the awareness and expectations in the buyer market.
- Type, extent, severity of the damage and cost of repair.
- Quality of the repair versus the expectation.