What is a Diminished Value claim?
A vehicle can be properly repaired and still be worth less because of its accident history.
IF YOUR PROPERTY HAS BEEN DAMAGED, ITS REDUCTION IN VALUE GETS YOU PAID.
Lost value is a separate discussion from repair costs. Diminished Value concerns the remaining reduction in market value after repairs. In simple terms, Diminished Value means the difference in how much your car was worth before the incident to what it’s worth now, even after repairs. Even though your car is fixed, if you go to sell it, it’s worth less than it was before the initial damage.
When you request an amount, you must support it. Typical supporting evidence includes vehicle age, mileage, prior damage, repair records, and any previous evaluations that are credible.
ONE CHALLENGE IS IDENTIFYING WHAT COVERAGE APPLIES IN YOUR SITUATION.
In Maryland, the loss in value is normally covered under property damage liability (if the accident was the other driver's fault). It can also sometimes be covered by UM/UIM coverage, though policy limits still apply. It may be a good option to try using your own collision coverage, but speak with an Attorney for more information.
