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Diminished value refers to the decrease in a vehicle's market value after it's been in an accident, even if it has been repaired. Potential buyers may see the accident history and consider the car less valuable.
The average amount recovered in a diminished value claim is around $4,000, but it varies based on factors like:
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Vehicle Age & Condition: Newer, well-maintained cars typically see higher recoveries.
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Luxury & High-End Vehicles: These may exceed $5,000 in diminished value due to their higher market price.
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Older or High-Mileage Vehicles: Claims are usually lower but still significant with good pre-accident condition.
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Loss of Use: Additional compensation for rental car costs or inconvenience during repairs.
An appraisal can help estimate your vehicle's diminished value and strengthen your claim for fair compensation.
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At CrashMoney, we work on a contingency basis—if we don’t recover money for you, you don’t pay.
Unlike other services, there are no upfront costs. We only collect a fee when you receive your settlement. This means no out-of-pocket expenses for you and a no-risk solution to recover the value your car lost after an accident. We're fully invested in your success—our payment depends entirely on securing the compensation you deserve.
The timeframe can vary based on the insurer’s response and the complexity of negotiations. Typically, it takes anywhere from a few weeks to up to 2 months to reach a resolution.
The time you have to file a diminished value claim depends on your state’s statute of limitations and the specifics of your insurance policy. In most states, you typically have between 2 to 6 years to file a diminished value claim, though it's often recommended to file as soon as possible—ideally within 1 to 2 years of the accident.