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What is Loss of Value or Diminished Value?

April 26, 2017diminished loss value

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What is Loss of Value or Diminished Value?

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Loss of Value or Diminished Value is the difference in the market value of a vehicle without an accident history and the market value of the same vehicle with accident history. Unlike depreciation, which is an anticipated and predictable loss in value incurred over time, Diminished Value is an unexpected and sudden loss in value due to a specific occurrence. This loss may be recovered as part of a property damage claim.

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| TOP | Loss of Value or Diminished Value is the difference in the market value of a vehicle without accident history and the market value of the same make and model vehicle with accident history. Unlike Depreciation, which is an anticipated and predictable loss in value incurred over time, Diminished Value is an unexpected and sudden loss in value due to a specific occurrence. This loss may be collectible as part of a property damage claim.