Diminished value is the loss in resale value resulting from a an accident. This type of loss in value is often referred to as inherent diminished value.
Determining the diminished value is measured in part based on the extent of damage.
A diminished value claim is one where the loss in resale value to a vehicle has been determined, and that loss is then pursued against the at fault insurance carrier. This type of claim may or may not apply to your vehicle. Each such claim needs to be evaluated based on several factors, including make, model and year of your vehicle, as well as, current mileage and overall condition.
Diminished value claims are unique and require substantiation using other resources. Part of the process is a special report prepared by an independently credentialed third party appraiser. The final valuation report provides the basis of the unrealised loss in market value of the vehicle. This report with other available supporting documentation is then used to substantiate the diminished value claim against the insurance carrier.
As part of our negotiation services, we will pursue valid diminished value claims against third party insurance carriers. Please contact the company to discuss the requirements to pursue this type of claim and to determine if your vehicle qualifies.