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Types of Loss of Value Claims

There are several ways an accident can affect the value of your vehicle. Below, we’ve listed the three main types of diminished value that could play a role in your claim: 

  • Immediate Loss of Value: This refers to the difference in resale value of your vehicle immediately after the accident and before your car is repaired. As insurance policies tend to cover most—if not all—damage repairs, this type of loss rarely plays a role in diminished value cases. 
  • Inherent Loss of Value: When a vehicle is damaged, even if repairs restore the car to perfect condition, it may have a diminished resale value due to its history of repairs. This amount represents the vehicle’s worth based on its accident history and the assumption that optimal repair quality has been completed. 
  • Repair-Related Loss of Value: Low-quality repairs can have a drastic impact on the resale value of a car. For instance, if the paint job was restored using a color that isn’t an exact match or parts were replaced with cheaper components, the vehicle may lose value. Keep in mind that this type of diminished value will only come into play if the car cannot be restored to its original condition.

Call Today for a Free Consultation

If your vehicle has lost value due to an accident, contact the legal team at Donaldson & Weston. Our strategic team has won several multimillion-dollar settlements and verdicts for our clients. Call 772-266-5555 to schedule a free case evaluation.