Short Answer: No!
I think most people get this, but I get this question all the time, so I am writing this article in an attempt to properly explain why a total loss settlement does not include diminished value.
First, let us define Diminished Value:
Diminished Value is the loss in re-sale value of a vehicle after it has been in a wreck and then repaired.
Second, let us define Total Loss:
A Total Loss occurs when the insurance company decides that they are not going to repair your vehicle.
There are a few things to realize when you are dealing with an auto claim.
The Petty Details of Total Losses
What should you do when you are dealing with a total loss?
We get so many questions every day from people involved in an accident where their vehicle was totaled and they are now getting a low offer from the insurance company and just don’t know what to do next.
We always tell them that it is always a negotiation and that they have to fight and prove their points with the information we are revealing below today!
We put together some total loss settlement tips to get you moving in the right direction on your auto claim.