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Diminished Value

Diminished value occurs when damage to your vehicle is not adequately compensated through the repairs paid for by the insurance company. Diminished value is the difference between your vehicle’s value before the accident and the vehicle’s value after the repair. Your vehicle may look the same but it no longer has the same value. By law, you are entitled to the loss of resale value due to collision or accident after repairs have been made.

Imagine you have decided you want to buy a specific vehicle. You are comparing two similar models. The options, mileage, and features are identical but you discover one was involved in an accident that required substantial repairs. Would you pay the same price for the car that has been repaired? The obvious answer would be no. Instead, you should call Auto Appraisal World for a diminished value report.

Diminished value is defined as:

To make or cause to seem smaller, less, less important, etc.; lessen; reduce.

Researched conducted by Auto Appraisal World shows that consumers and dealers diminish a vehicle’s value by 15-50% if the vehicle has been involved in an accident that requires significant repairs.

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