Did Your Car Lose Value After The Crash?

If the insurance company decides not to total your vehicle, it is likely your repaired car will lose value. This loss in value is legally recognized as diminished value. Often times, insurance companies will avoid the obligation to pay for diminished value of your vehicle by stating there is no law that requires insurance to cover the diminished value of a crashed vehicle.

Do not let the insurance company side step responsibility for your financial loss. While there may not be a specific statute on point addressing diminished value, diminished value is a quantifiable loss for which you need to recover to be made whole.