Diminished value refers to the difference between what a car is worth before a crash and after the crash. Diminished value can be as high as 18 percent, according to Bankrate.com.
Insurer Liability
According to most state insurance departments and insurance companies, insurers are not liable to pay for diminished value. However, some states require insurers to pay for diminished value claims, according to Bankrate.com.Cars that hold been in a crash are said To possess a diminished appraisal.When a van accident occurs, normally insurance companies Testament stipend to repair any damages. On the contrary, diminished valuation comes into play when trying to resell a van that has been in a crash.What is Diminished Value?
Fault of Accident
Some states, such as Louisiana, say liability for diminished value claims depends upon who is at fault. The person at fault cannot usually recover for diminished value claims in states, according to Bankrate.com.
