What Is Diminished Value?
In general, once your vehicle has an insurance claim registered against it, buyers will perceive it to be worth less and it will never again be sellable at fair market value compared to a claims-free vehicle, even if repaired properly. The amount of loss in market value you have incurred is known as Inherent Diminished Value or Accelerated Depreciation.
For only $39, our diminished value calculator generates an instant professional opinion report of inherent diminished value which, together with our free step by step guide, can help you reclaim your loss according to the rules of your jurisdiction.
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In some jurisdictions, insurers are required to pay diminished value regardless of fault. In others, you can claim for diminished value from the other party if they were at fault.
There is a right way and a wrong way to claim for diminished value. The wrong way will lead to a great deal of frustration, effort and expense on your part with little or no satisfactory resolution. The right way will significantly improve your chances of success. For your benefit, we have produced a step by step guide to help you maximize your chances of success with the least amount of hassle. Click here to download a free copy of our guide. Also, here are some additional tips and resources and a sample demand letter to make the claim process easier.
By creating this calculator and providing information on this website, our intention is not to give legal opinion, to encourage legal action or to try to pit insurer against policyholder. Because claimants must provide evidence of the amount of their loss, we have created a neutral professional online tool that can facilitate faster and easier settlement.