Understanding Your Vehicle's Diminished Value

You had an amazing car and you got into an accident. Your insurance company fixed everything and your car looks like new. Your car is worth what is was before the accident, right? Wrong... most likely your car is worth much less or in other words, it has a diminished value.

Diminished value is the loss of value due to an auto accident. Usually, insurance companies don't pay for a vehicle's diminished value but many consumers feel that it is the insurance company's responsibility to pay for a diminished value claim.