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What is Diminished Value?

Law requires full disclosure of any accidents associated with the vehicle to the perspective buyer. If the vehicle has previous damage a prospective buyer will not pay full price for the vehicle. This difference in price is the diminished value you can claim with the insurance company.

 

Acquire Auto specializes in helping our clients claim for diminished value. Our adjusters are licensed and have dealt with every large auto insurance company and many small insurance companies. The insurance companies will want a Diminished Value Report from a Licensed Unbiased Appraiser. We can provide the report and all of the information you will need to make your claim and have the insurance company pay out.

 

 

Vehicle in accident.
Diminished Value Laws
Who Can Claim?

  • The Second Restatement of Torts Section 928 states, “Compensation for damages to personal property can include “the reasonable cost of repair or restoration, with due allowance for any difference between the original value and the value after repairs.”

 

 

  • In every state the Department of Insurance has provided that claims can be filed for 3rd party claimant against the at fault party's insurance. In some states you can even claim if it was an uninsured motorist.

YES

 

  • Anyone who was not at fault in an accident.
     

  • You can also claim if you were hit by an uninsured motorist and your insurance company covered it under the uninsured motorist section of your auto insurance.
     

  • Your accident happened in the last 2 years.
     

NO

 

  • If you are leasing the vehicle.
     

  • If your vehicle has over 100,000 miles or older than 10 years.
     

  • If this is your 2nd or more accident in the vehicle.

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