Diminished value, or DV, refers to the loss associated with a damaged vehicle. Every year, traffic accidents increase in number, causing damage to millions of vehicles. According to the National Highway Traffic Safety Administration, every 10 seconds there is a motor vehicle collision in the United States of America.
Research says that an automobile involved in any form of accident can be permanently diminished in value. DV is claimed when a vehicle involved in a car accident has suffered physical damage either cosmetically, or structurally, or both.
There are three main types of diminished value that can be applied for DV claims. These include immediate DV, inherent DV, and repair-related DV.
Any individual can file a diminished value claim if their automobile has been involved in an accident. To file a diminished value claim, contact Brock Ohlson Injury Lawyers today!
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