What is an example of a Diminished Value Claim?
For example, if your one-year-old vehicle’s value was $30,000, and you were in an accident that caused $5,000 in damage, even if the repairs were done perfectly, the value of your vehicle will still have decreased.
If you decide to sell your car after the accident, potential buyers will likely ask if the vehicle has been in an accident. If they find out it has, they will probably be unwilling to pay the original $30,000 and may offer only $22,000. The diminished value, in this case, would be $8,000.