Insurance 101 – Chapter 14 – Volume 7 – Automobile Property Damage

Automobile Property Damage

Diminution of Value

When a car is damaged in an accident, then repaired, the resale value may be less than that for a comparable car that has not been damaged. In other words, the damage results in a reduction—or “diminution”—in the resale value of the auto. An insured’s claim for this reduction in value may be made against a third party that negligently caused the damage to the insured’s auto, or it may arise from a first party claim against the insured’s own physical damage coverage.

The following video was adapted from my book, “Insurance Claims A Comprehensive Guide” Published by the National Underwriter Company and is available at the Zalma Insurance Claims Library

Legal Disclaimer

The author and publisher disclaim any liability, loss, or risk incurred as a consequence, directly or indirectly, of the use and application of any of the contents of this blog. The information provided is not a substitute for the advice of a competent insurance, legal, or other professional. The Information provided at this site should not be relied on as legal advice. Legal advice cannot be given without full consideration of all relevant information relating to an individual situation.

 

This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *