Lost Value Law

 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...

  Step-By-Step Guide to Getting a Diminished Value Car Insurance Claim If your car has been in an accident, even if it’s fully repaired, its market value may take a hit. That’s where a diminished value car insurance claim comes in. In simple terms, you’re asking the at-fault party’s insurer to compensate you for the loss in your vehicle’s resale value. Sounds fair, right? The good news: it's doable. The better news: here's a step-by-step guide to help you claim what's rightfully yours. diminished value auto claim Florida 1. Understand What a Diminished Value Claim Is Diminished value auto claim Florida  refers to the difference between your car’s market value before the accident and its value after full repairs . Even if the vehicle is restored to like-new condition, buyers (and appraisers) still tend to see it as less desirable. That perception can cost you hundreds, or even thousands, when you sell or trade in the car. 2. Check Your State’s Laws Not every state han...