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Car Damaged In a Wreck? Don’t Forget About Diminished Value

Insurance companies certainly will not volunteer this information, but when your car is damaged in a wreck, and the wreck is not your fault, you are owed diminished value for your car. There is no set formula to come up with this value, so there will be some negotiating room. The amount depends on the age of the car, the value of the car before the wreck, and how significant the damage to the car. Bottom line, when you are in a wreck, and your car is not totaled, make sure the other person’s insurance company pays you for the repairs, loss of use of your car (typically this is a rental car) and loss in value.

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