Diminished Value- A Real Loss or Hype
To understand the actual idea behind the diminished value let’s take an example. Say, if you are offered the two identical cars with exactly the same color, features, mileage etc at the same price but one of them has been in a car accident previously, what would you do? Will you pay the same amount to the one previously been in a car accident? Of course not! This is what a diminished value phenomenon is all about. No one would like to pay the market price for a vehicle that has been in the accident previously. This makes diminished value a real loss for the owner of the vehicle. When you want to file a diminished value claim you need to consider a lot of factors however one of the most imperative things is the diminished value of the repairs. You can also check out Hansen Price!
Diminished Value Calculation
We can determine the loss in value or simply stated diminished value of the vehicle by keeping the below-mentioned questions in mind, have a look; (more…)