Diminished Value

What is Diminished Value?

Diminished value is the loss in a vehicle's market value due to accident damage and repair.

Three things affect diminished value:

1. Inherent diminished value: the automatic loss in vehicle market value from an accident.
2. Repair-related diminished value: loss in vehicle market value due to substandard-quality repairs.
3. Insurance-related diminished value: loss in vehicle market value due to insurance claims practices.

Who is Entitled to Diminished Value?

You are--if your vehicle has been in an accident, you have lost money.  This loss is owed to you for up to two years after your loss.

Who Pays Diminished Value?

Either your insurance company or the person responsible for the accident and their insurance company.  You are owed compensation for diminished value by law even if your vehicle has been repaired correctly.

To find out more, schedule a diminished value assessment with Nick Orso's representatives today--we will use state-of-the-art software to determine if you are owed money.