The claim goes by many names: “diminished value”, “diminution in value” and “accelerated depreciation”. The terms are interchangeably used to describe the economic loss of a property’s value as a result of the property having been damaged.[1] The concept of diminished value as it relates to vehicles is associated with the perceived loss of value in a vehicle following an accident-related repair. The “loss” is premised on the likelihood that an informed buyer will pay less to buy a vehicle that was in an accident compared with the amount the same buyer will pay for the same vehicle had it not been in an accident.
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FAIR – supporting auto accident victims through advocacy and education
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FAIR – supporting auto accident victims through advocacy and education
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FAIR – supporting auto accident victims through advocacy and education