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Team KTS

Precision Collision logo

Specializing in insurance repair with over 20 years experience!

Precision Collision front window

15704 Vonachen Dr
(Rte. 29 - next to the Shell Station in Rome)
Chillicothe, IL 61523
(309) 274-9550
 

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Your Rights: Diminished Value

What is Diminished Value?

Diminished value is the loss in a vehicle's market value due to accident damage and repair.

Three things affect diminished value:

  1. Inherent diminished value: the automatic loss in vehicle market value from an accident.
  2. Repair related diminished value: loss in vehicle market value due to substandard quality repairs.
  3. Insurance related diminished value: loss in vehicle market value due to insurance claims practices.

Who is Entitled to Diminished Value?

You are — if your vehicle has been in an accident, you have lost money. This loss is owed to you for up to two years.

Who Pays Diminished Value?

Either your insurance company or the person responsible for the accident and their insurance company. You are owed compensation for diminished value by law even if your vehicle has been repaired correctly.

To find out more, schedule a diminished value assessment with Precision Collision today.

 

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© 2007 Precision Collision and TeamKTS