Diminished Value, or DV, refers to the loss associated with a damaged vehicle. Every year, traffic accidents are increasing in number, causing damage to thousands of vehicles. As per 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 DV that can be applied for DV claims, though not all of them are used when asked for legal compensations. These include Immediate DV, Inherent DV and Repair-related DV.
Any individual can file a diminished value claim if the automobile has been involved in an accident. To file a Diminished Value claim, contact Brock Ohlson Injury Lawyers today!