Do you own a high end vehicle like a Lamborghini, Mercedes, Cadillac, Infiniti, Bentley, Rolls Royse, Porsche, Maserati, BMW, Audi, Saab, Lexus or any other vehicle that is considered a luxury or exotic vehicle?
If so, you should certainly be thinking about diminished value if you were involved in a collision! You might not know the technical term for it but you know you’re gonna be put through the ringer when you go to trade that baby in and those are the FACTS!
No matter if you backed into a tree or if some negligent driver crashed into you, it is highly likely that your vehicle has lost value because of the simple fact that it was in an accident. Even if you took the vehicle to the best repair facility around, it doesn’t change the fact that your car was once wrecked.
Diminished value is a concept that has been around for nearly 90 years.
There is law relating to it in Georgia dating back to 1926!