Diminished Value General Information
When a vehicle is subject to a collision, and later repaired, there exists a difference in the value of the pre-collision vehicle and the repaired vehicle—this difference in value is referred to as Diminished Value. Even when the vehicle has been completely restored, it having been in a crash can prevent its value from reaching what it was prior to an accident. There are a few types of Diminished Value that can affect the value of your vehicle, each with its own inherent qualifications.
It is recommended that you seek Diminished Value if your vehicle has been subject to damage without having a significant history of damage. To collect Diminished Value, you must detail the damages of your vehicle though the submission a professionally drawn-up Diminished Value Report. Your insurance company will review the extent of the damages, consider the procedures used, and consult the authorities involved in calculating your Diminished Value claim. Although our repair work is premium and thorough, you have the option to request DV Professionals to investigate the repairs made to your vehicle to supplement any potential Repair-Related Diminished Value to the existing Inherent Diminished Value.
Inherent Diminished Value
For a vehicle the is optimally repaired after a collision, yet suffers from a reduced resale value on account its notable damage history report, we use the term Inherent Diminished Value. We define this as the difference in value that stems only from the collision history. Inherent Diminished Value is the most acknowledged and approved type of Diminished Value. Additional Diminished Value claims (i.e. Repair-Related Diminished Value) will use Inherent Diminished Value as the basis for “Supplemental” collections.
Repair Related Diminished Value
Repair-Related Diminished Value provides supplemental claims for value that was not restored to your vehicle due to sub-optimal repairs. It equals the difference between a fully-restored vehicle and the same vehicle with inadequate repairs. Repair-Related Diminished Value can consist of minor cosmetic issues and blemishes to significant structural defects.
Insurance Related Diminished Value
When a Diminished Value claim is submitted for a vehicle that has been in an accident, the involved insurance companies may not provide adequate payment for proper and complete repairs. As a result of insufficient repair reimbursement, the vehicle’s market value decreases by a term named Insurance-Related Diminished Value. It equals the difference between a fully-restored vehicle and the same vehicle with incomplete repairs, again, due to insufficient compensation from the insurance companies.
Diminished Value Claim Review Form
Please fill out the below form detailing your vehicle, accident, insurance, and DV claim information. We will have an Autobody Unlimited team member get in contact with you regarding a plan moving forward with your repairs!
ABOUT AUTOBODY UNLIMITED
GET IN TOUCH
- 5100 Thatcher Rd. Downers Grove, IL 60515