We repaired Ms. Debra’s 2019 Camry which had about $8,000 worth of damage done to it. Her Camry only had just over 3,000 miles on it. Therefore, We informed her that this damage would greatly diminish the value. We suggested that she explore a diminished value claim, we referred her to Collision Safety Consultants of Southeastern Louisiana. Vera got to work on her claim, and the end result was $3818.00 in diminished value.
The point of car insurance is to make you whole again after an accident. However, no matter how expertly repaired, a car with an accident history will likely be worth less than one without—even if the car looks as good as new and runs better than it ever has. A car that has never been in a crash may be worth $15,000 at resale but thousands less if it has been in an accident and repaired. There’s a way to make up the difference.
A Diminished Value Claim
A diminished value insurance claim will allow car owners to recover the difference between a car’s pre-accident value and its value after repairs. However, don’t expect the insurance company to offer this information up. Some car owners file on their own, but others hire a private company to document the lower value. If the accident was your fault, don’t expect to be able to claim diminished value against your own collision coverage. The same applies to cars that are flooded but not totaled out; you typically can’t file for diminished value against your own coverage. Click this link to read further. Know that if you have been in a collision and had auto body repairs performed and you were not at fault, you may be eligible for diminished value.