Your Complete Guide to Progressive Diminished Value Claims
If your car’s been in an accident and repaired, you’ve probably heard of diminished value. Even after a solid repair job, your vehicle might not be worth as much as it was before the crash. This drop in market value is what insurance professionals call “diminished value”, and yes, you can file a claim for it. If you’re insured with Progressive, here’s your go-to guide on navigating diminished value claims. What Is Diminished Value? Diminished value refers to the loss in your vehicle’s market value after it has been in an accident and repaired. Even if the car looks and runs like new, buyers often hesitate to pay full price for a vehicle with an accident history. There are three main types of diminished value: immediate, inherent, and repair-related. The most commonly pursued is inherent diminished value , which is the loss of value simply because the car has a damage record. Does Progressive Cover Diminished Value? Here’s where things get a little nuanced. Progressive, like m...
