This post is the third in our series on Diminished Value Claims. As we’ve discussed in this blog, diminished value is the loss in value of your car after an auto accident.
Diminished Value takes into account the fact that, research shows, consumers will only be willing to purchase a car that has a documented wreck history if it is significantly discounted. That “significant discount” is the loss you have incurred as a result of the accident: it’s the real costs that go beyond the cost of repairs.
In pursuing a diminished value claim, it is critical that your documentation is in order. You need to make sure you keep copies of all repair records, which show the type of damage sustained, the type of parts used for repairs, and the number of hours required for labor.