6 THINGS YOU NEED TO KNOW ABOUT DIMINISHED VALUE

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1. A DIMINISHED VALUE CLAIM (OR "DV" CLAIM) IS WHEN BODY DAMAGE TO YOUR VEHICLE CAUSES ITS RESALE VALUE TO DECREASE.

THE CLAIM IS FOR COMPENSATION BETWEEN THE TWO VALUES, TO MAKE YOU WHOLE BY COMPENSATING YOU FOR THE AMOUNT WHICH THE RESALE VALUE DECREASED.


2. SUCH A CLAIM MAY ONLY PRESENTED TO THE AT-FAULT PARTY'S INSURANCE COMPANY (OR SUBSTITUTION THEREOF).

YOU MAY NOT MAKE A DIMINISHED VALUE CLAIM AGAINST YOU OWN COLLISION COVERAGE. IF YOU ARE AT FAULT FOR THE BODY DAMAGE TO YOUR VEHICLE, YOU DO NOT HAVE A REMEDY UNDER THE LAW FOR THE DECREASE OF YOUR VEHICLE'S RESALE VALUE.


3. YOU CAN ASK THE INSURANCE COMPANY TO EVALUATE AND QUANTIFY THE DIMINISHED VALUE OF YOUR VEHICLE, BUT WE RECOMMEND YOU SEEK AN INDEPENDENT APPRAISAL.

WE DO NOT GENERALLY TRUST THE EVALUATION OF INSURANCE COMPANIES WHOSE SELF INTERESTS MAY CONFLICT WITH YOURS. (THEY DO NOT TEND TO PART WITH MONEY EASILY.) AN INDEPENDENT APPRAISAL WILL LIKELY COST A FEE, BUT YOU MAY FIND PEACE WITH THE AMOUNT OF THE REPORT KNOWING THE EVALUATION WAS TRULY INDEPENDENT AND UNBIASED.


4. ESPECIALLY ON NEWER VEHICLES, IF YOUR DAMAGE IS MODERATE, YOU COULD BE LOOKING AT A FEW THOUSAND DOLLARS.

EVERY CLAIM IS DIFFERENT AND SPECIFIC TO THE YEAR, MODEL AND MAKE OF THE VEHICLE, PLUS THE DAMAGE RELATED TO THE SUBJECT ACCIDENT.


5. DIMINISHED VALUE CLAIMS ARE VERY DIFFERENT THAN THE ACTUAL PROPERTY DAMAGE CLAIMS.

THE DIMINISHED VALUE CLAIM ASSUMES THE REPAIRS WERE ALREADY DONE WELL, WHICH THEY WILL BE IF YOU BRING YOUR VEHICLE TO BRYAN'S BODY AND FENDER.


6. WHILE WE DO NOT TYPICALLY DO APPRAISALS OF DIMINISHED VALUES, WE CAN RECOMMEND A WELL RESPECTED COMPANY.

MEANWHILE, GET QUALITY, GUARANTEED REPAIRS DONE AT BRYAN'S BODY AND FENDER.

Call today for your free estimate on the damage to your vehicle.

410-838-7320

Bryan's Body and Fender

3106 Rocks Road

Jarrettsville, MD 21084

Conveniently serving Harford County, MD, including: Bel Air, MD, Jarrettsville, MD, Forest Hill, MD, Aberdeen, MD, Havre de Grace, MD, Abingdon, MD, Edgewood, MD, Joppa, MD, Fallston, MD and Churchville, MD.