Diminished Value
About Diminished Value
Diminished value can be defined as the loss of value after a a property is damaged and repaired. All vehicle owners should consider this loss of value when calculating their damages.
Your vehicle's value is always impacted when involved in an incident that reports to insurance. and vehicle damage reporting agencies such as Carfax, Truecar etc. Insurers nearly never offer to pay for diminished value unless the claimant asks.
Insurance companies have withheld millions of claimiants' dollars.
Unfortunately, many claimants don't understand or have never heard of Georgia's diminished value law, where the at fault driver's insurance is liable to repay this loss in value.
Having a certified diminished-value appraisal sent to your insurance company post-accident and repair lets them know you are aware of the monies you are entitled to.
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