Do You know about Diminished Value?
What Is Diminished value?
Diminished Value is the loss in a vehicle’s market value after an accident. A vehicle’s damage history can lower its resale or trade-in value. DV claims compensate for the difference between your car’s pre- and post-accident value. If the the other party was found liable for the accident, you may qualify for compensation under Illinois state laws.
How Does it Work?
1. Assess the Damage:
After an accident, have your vehicle evaluated by a professional to determine the extent of the loss in value.
2. File a Diminished Value Claim:
If the accident wasn’t your fault, you can file a claim with the at-fault party's insurance to recover the diminished value of your car.
3. Provide Proof of Diminished Value:
Work with a qualified appraiser to document how the accident has impacted your vehicle’s value.
4. Negotiate a Settlement:
Submit your claim and appraisal report to the insurance company. If there’s a dispute, mediation or legal action may be needed.
Why is This important
because its money and you’re entitled to it under the law. Fair compensation helps cover the financial gap between your car’s pre-accident and post-repair market value. Additionally, many drivers are unaware of their right to claim diminished value after an accident, making awareness of these rights crucial.
Key Point to Remember
Diminished Value claims cover the loss in your car’s value after an accident. If you’re not at fault and your car had significant value, you can seek compensation.
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