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By filing a diminished value claim, you can regain some of the lost value of your car. After a serious accident, you car will never be returned to its original quality, regardless to how well it is repaired. The best you will be able to do is file a diminished value claim. A diminished value is the different between the value of your car before the accident and the current value after the accident. Therefore, if you choose to sell your car at a later date, you will not be ale to get the market value. The amount will depreciate based on the accident.

Before filing a diminished value claim, you should review your automobile policy and understand the type of coverage that you have. Most people can speak in general terms about their auto insurance policy coverage. However, not many of us are able to communicate the fine print. And, we know that the fine print is what will hurt us in the end. We usually get a clear picture during that first call after an accident. It is a good practice to understand those terms prior to having an accident. Not only are you better prepared to, but you might also learn what is missing and decide to switch to an insurance carrier that provides better coverage.