Diminished Value Claims are a way for you to recover the decrease in the value of a vehicle after a crash and repairs. Often, even serious damage to a vehicle can be repaired. No matter how well the repairs are performed, many potential buyers will view the vehicle as less valuable because it has been in a crash. Virginia is a Diminished Value State. This means that you may be entitled to recover the diminished value of your vehicle after an auto accident.
What is Diminished Value
Diminished value refers to the difference in the value of a vehicle that has not been in an accident or otherwise damaged and the same vehicle after it has been damaged and repaired. That difference in value may be minimal or it may be significant. Often the difference in value is determined by (1) the nature and extent of the damages to the vehicle, (2) the original value of the vehicle, and (3) the age and model of the vehicle. Another important factor in calculating the value of the vehicle might be the fact that it is a classic (or collectible) car, extent of damage to original parts, and other unique characteristics or features of the vehicle. [Read more…]