COVERAGE DESCRIPTION: When a vehicle is involved in an accident or sustains damages, these reports are sent to a service, such as Carfax. Carfax receives data from state title agencies, police reports and repair shops. While this data may not necessarily tell the extend of the damage, it does beg a closed look at the vehicle. If at the time of inspection, as it is revealed that the vehicle was in a flood, or serious collision loss, the inevitable consequence is that the car may suffer a significant loss in value. Dinished Value protects you for the subsequent reduction in value caused by a claim.
CLAIM EXAMPLE: After a major accident, the insurance company settled the loss and repaired the vehicle well below the total loss limit, but when the car was sold the price was reduced by nearly $3,000 because the extent of damage. Diminished Value coverage paid the client for the $3,000 loss.
IS THIS OPTION RIGHT FOR YOU? This is an excellent option, but one that only a few insurers make available. Please consider the cost and which insurers make this available.
COVERAGE APPLICATION: Coverage is on a per vehicle basis as requested.