Diminished Value - Do you Qualify?

After a car accident, even with quality repairs, your vehicle may lose value simply because it now has an accident history. This reduction in your car’s resale or trade-in value is called diminished value, and depending on your situation, you may be entitled to compensation for it.

What Is Diminished Value?

Diminished value is the difference between what your vehicle was worth before the accident and what it’s worth following the repairs. Carfax reports and vehicle history checks will typically show that your car was involved in a collision—and that can impact future re-sale options.

Are You Owed?

If the other driver was at fault, you can claim diminished value from their insurance company. If you were at fault it would depend on whether your policy allows for diminished value.

Newer Vehicles Are Most Affected

If you drive a newer or luxury vehicle, the amount of diminished value can be significant—usually thousands of dollars. That’s why it’s worth having a licensed appraiser review your claim. Even when your car is repaired to pre-loss standards, its market perception has changed and that’s what matters to buyers.

How to Pursue a Claim:

1. Request an appraisal – A licensed appraiser can evaluate the pre-accident and post-repair value of your vehicle.

2. File a claim with the at-fault driver’s insurance company – Include your Appraisal and supporting documents.

3. Be prepared to negotiate – Insurance companies will usually start with a lower offer up front.

Contact our Claims team today for your free Diminished Value review in the following states:

•  Oregon
•  Washington
•  Idaho
•  Montana
•  Wyoming
•  Utah
•  Colorado
• California
• Nevada
• Arizona