How Does a Cars Diminished Value affect Car Accident Claims?
Car accident claims will lower your vehicles value. Especially if your car has been in a serious accident. When you go to sell the vehicle, even after it has been repaired, it will normally get a lower price than a car that was not in an accident. This is called the diminished value effect. If your car has been in a serious accident, it is a good idea to have the insurance company take into account the diminished value of the car as well as the cost of the repairs. The total may exceed the value of the car, which means it may make more sense for the insurance company to total the vehicle.
