Our FAQ
A Diminished Value Claim is a type of insurance claim that allows vehicle owners to recover the difference between a car’s pre-accident value and its value after repairs. This type of claim compensates for the loss in the vehicle’s market value due to an accident, even after it has been fully repaired.
You might be eligible for a Diminished Value Claim if:
- Your vehicle was involved in an accident through no fault of your own.
- The accident resulted in significant repairs that diminished the overall value of your vehicle.
- Your vehicle is relatively new or has a high market value.
For a detailed evaluation, we recommend consulting with our experts who can assess your specific situation.
- The accident report from the police or relevant authority.
- Documentation of your vehicle’s value before the accident (such as purchase records).
- Receipts and detailed accounts of repairs made post-accident.
- An appraisal report post-repairs indicating the diminished value.
The timeframe can vary based on the complexity of the claim, the responsiveness of the insurance companies involved, and the amount of negotiation required. On average, it can take a few weeks to several months. Our team strives to expedite the process while ensuring you receive the full compensation you deserve.
Filing a Diminished Value Claim should not directly impact your insurance premiums, especially if you were not at fault for the accident. Insurance rates are determined based on risk assessments and your driving history. However, it’s always a good idea to discuss with your insurance provider or legal advisor for specifics related to your policy.
