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.
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