Diminution Report

By: Laird Assessors Ltd  03/11/2009
Keywords: motor, Report, accident

 Diminution in value can occur when a vehicle has been involved in an accident and consequently repaired, particularly if repairs were reasonably extensive, involving parts of the body-shell or chassis, and / or significant paintwork.

If the insured subsequently sells the vehicle, it is unlikely that the vehicle will sell for the same as an identical model with an unblemished history, particularly in today's difficult market conditions. Dealers will often reduce their offers on damaged vehicles, and it is not unusual to see them refuse to take such a vehicle, particularly if the damage was extensive.

We can examine the vehicle and consider the type, extent and cost of repairs, together with the vehicles market desirability, value and age and provide an opinion on the likely percentage drop in value.  We can also advise over the phone if a repair is likely to attract diminution to keep costs to a minimum.

Insurers often use us to counter-diminution claims where excessive amounts are being claimed, or where diminution is unlikely to apply. We have excellent success rate in reducing and often annulling inflated claims.

Keywords: accident, motor, Report