After a substantial repair, your vehicle will have less value, it is a fact of life. The amount of “Diminished Value” will vary depending on the quality of repairs and a few other factors. The State of Ohio now recognizes this loss of value on claimant vehicles (“claimant” means the person in an accident who was NOT at fault).
Let Three-C determine the amount of diminished value your vehicle has sustained so that you can be fairly compensated by the “at-fault” party’s insurance company.
What is Diminished Value?
Diminished value is the loss in a vehicle’s market value due to accident damage and repair. Three things affect diminished value:
Inherent diminished value: the automatic loss in vehicle market value from an accident.
Repair related diminished value: loss in vehicle market value due to substandard quality repairs.
Insurance related diminished value: loss in vehicle market value due to insurance claims practices.
Who is Entitled to Diminished Value?
Ohio now only recognizes diminished value on claimants (A claimant is the person not at-fault)
Who Pays Diminished Value?
Either your insurance company or the person responsible for the accident and their insurance company. You are owed compensation for diminished value by law even if your vehicle has been repaired correctly.