Example of Diminished Value After a Car Accident
Consider this example: You have a brand new car, after an accident, your insurance company fixes your car back to its original condition. You then go to sell your car and since the new buyer checks out the car's history report and finds out that it was in an accident, they are not willing to pay anything near what your feel your car is actually worth. In a worst-case scenario, some buyers won't consider buying your car at all since it was in an accident!
In a case like this, your vehicle has incurred more than just physical damage, it has incurred a loss of value as well.
Diminished value can affect your car value on several levels after a claim.
Once you understand all the areas that your vehicle value can get hit based on different circumstances, you may want to consider trying to get compensated for the overall diminished value following your car accident by making a diminished value insurance claim.
