The Collision Law Center

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What is Diminished Value

Imagine you are looking to buy a car. You find two cars that are almost identical (same year, make, model and mileage). However, you find out that one of the cars has been involved in a prior accident. Which one would you buy? That’s an easy decision, after all nobody wants to buy damaged goods. The only way you would consider buying the car that was previously wrecked is if it costs less. Most people think the same way you do. In fact, most people would not even consider buying a car that has previously been wrecked. And if they did, they would expect to pay much less for it. This is why a vehicle loses value after it has been involved in an accident. The difference in value between a vehicle with an accident history and the same vehicle without an accident history is known as diminished value. If your vehicle was damaged in an accident, call The Collision Law Center to find out how we can help you recover money owed to you for the loss of value to your vehicle.

More about Diminished Value

OTHER PRACTICE AREAS

  • Practice Area: Total Loss

    Total Loss

    If it would cost more to fix your vehicle than what the vehicle is worth, then your vehicle will probably be considered a total loss by the insurance company.

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  • Practice Area: Loss of Use

    Loss of Use

    If your vehicle was damaged in an accident, you may be entitled to monetary damages for the loss of it’s use for the period of time required for it’s repair.

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  • Practice Area: Personal Injury

    Personal Injury

    Who will be responsible for my medical bills? What if I am unable to work? What type of doctor do I need? How will I get around without my car?

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