If your vehicle has been involved in an accident, how much it's worth will be impacted. This is known as diminished value.

Even if repaired and restored fully, your vehicle may not be worth the same as it was before your accident. However, a diminished value claim could help you restore some of your lost value.

We highly recommend using a professional diminished value appraiser for a fair settlement. A simple internet search or speaking with your trusted collision facility for a referral may help you find the right appraiser for you.

There are three types of diminished value to be aware of that can help you understand your situation.

1. Immediate diminished value is what your vehicle is worth right after your accident, before any repairs have taken place.

2. Inherent diminished value, the most commonly used form, is how much value your vehicle has lost by being in an accident.

3. Finally, repair-related diminished value is evaluating the worth of your vehicle based on the quality of repairs completed and the notion that your car is no longer in its original condition.

There are a few things to consider to make sure filing a diminished value claim is worth it for you.

What was your vehicle worth before the accident? Older or less valuable vehicles often don't receive the payout that you may expect.

Other factors that may affect your eligibility could be

• how recently the accident occurred,

• who assumes fault for the accident,

• the other driver's insurance status, and

• the state where the accident occurred.

Consult with an experienced professional to find out if filing a diminished value claim is the right step for you.