Diminished Value
Even after expert collision repairs, your vehicle may lose market value simply because it has an accident history. Learn how diminished value claims work in Illinois and what options may be available to you.
What Is Diminished Value?
Diminished Value is the loss in a vehicle’s market value after an accident.
A vehicle’s damage history can lower its resale or trade-in value. DV claims compensate for the difference between your car’s pre- and post-accident value. If the the other party was found liable for the accident, you may qualify for compensation under Illinois state laws.
How Does a Diminished Value Claim Work?
1. Assess the Damage
After an accident, have your vehicle evaluated by a professional to determine the extent of the loss in value.
2. File a Diminished Value Claim
If the accident wasn’t your fault, you can file a claim with the at-fault party's insurance to recover the diminished value of your car.
3. Provide Proof of Diminished Value
Work with a qualified appraiser to document how the accident has impacted your vehicle’s value.
4. Negotiate a Settlement
Submit your claim and appraisal report to the insurance company. If there’s a dispute, mediation or legal action may be needed.
Why Diminished Value Matters
A diminished value claim isn’t just about repairing your vehicle. It’s about recovering the value your vehicle may have lost after an accident. If you’re eligible under Illinois law, you may have the right to seek compensation for that loss.
It is money that you are entitled to under the law. Fair compensation helps cover the financial gap between your car’s pre-accident and post-repair market value. Additionally, many drivers are unaware of their right to claim diminished value after an accident, making awareness of these rights crucial.
Key Point to Remember:
Diminished Value claims cover the loss in your car’s value after an accident. If you’re not at fault and your car had significant value, you can seek compensation.
