Nov 02 2011

What is diminished value or diminution in value for a vehicle?

Category: Auto Insurance

Answer:

Car Wreck - Diminished ValueDiminished Value is defined as the loss in market value that occurs after a vehicle has been in an accident and repaired. Diminished value, also known as diminution in value, is the difference between a car that has been in an accident and an identical vehicle with a clean vehicle history report. The amount of the diminished value will depend on a number of factors including: the vehicle’s pre-loss condition; the vehicle’s year, make, and model; the type of accident the car was in; the amount of damages the vehicle suffered; and other such contributing factors.


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