What does it mean and how does it impact the value of my vehicle
after a collision repair?
What happens to the value of your vehicle from damage after an accident? Although your vehicle was restored back to manufacturer specification or referred to as 'pre loss condition', the fact remains that the resale worth has dropped or 'diminished' due to original state of damaged goods. Given the original state of the vehicle was compromised by damage reduces the full value of the vehicle in turn lowering the dollars you would receive from a private party or dealer at time of sale or trade, verses a vehicle having no repair history and a clean Carfax. If you are a claimant, meaning you were not at fault, you may want to consider a diminish value claim against the responsible parties insurance company in recouping some of those lost dollars.
JC Auto Body can only present this as a consumer awareness message so you can make an informed decision. We can not guarantee the amount of compensation, if any by any insurance company. However, it is worth the time to investigate. Below we have attached a link we found online from another source called The Balance that explains diminish value in detail and how it works. This awareness message is in efforts of helping you understand the impact of diminish value and some of the various avenues available that may work for you.