Before you file a diminished value claim, it’s a good idea to understand what it is. Inherent diminished value refers to the difference between your car’s pre-accident market value and its post-accident market value.

For example, let’s say that before you were in an accident your vehicle had an actual cash value (ACV) of $20,000 and had 30 miles on it. After the accident, your car now has 60 miles on it and has been depreciated by $5,000 due to its age and mileage. It would have an ACV of $15,000 because of this depreciation—still worth more than when you bought it but not as much as before your accident.

Often, people are unaware that they may be entitled to a diminished value claim, and insurance companies typically refuse all such claims. We are here to make sure that drivers are aware of their rights to reclaim the lost value on the resale of their cars.