What is diminution in value?
If you’ve been involved in a car accident, then you’ll know the stress that comes with it. But aside from the paperwork, the worry, and the hassle of getting your car fixed, there’s also the issue of your car’s value. Car valuation decreases when your car is involved in an accident, even if it’s professional restored using manufacturer repair methods and parts.
If your car has been damaged in an accident, the evidence of repairs can negatively affect its value should you later decide to sell or return it at the end of a lease or finance contract, notwithstanding the general depreciation of the car. This reduction in value is known as diminished value. To the insurance world, it was a concept developed to estimate loss of value following an accident.
Most insurance policies exclude you from making a diminished value claim against your own insurance company, which means you can't make a diminished value claim for your own car if you caused the crash.
Determining diminution in value
In order to reduce costs at an early stage of any diminution claim we are able to provide a desktop report without the need for physical inspection.
Our qualifed in house engineers review a number of factors including the vehicle make & model and the extent/nature of the damage/repairs.
Our engineer will then provide a report which will include their assessment of the likely diminution in value.
Should require a physical assessment of your vehicle upon completion of the repairs, we can arrange for a fully qualified IAEA registered engineer to carry out a post repair inspection.
Please complete our diminution in value quote form to obtain a free no obligation consultation with a qualified engineer.