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Why does my vehicle lose value after an accident?
Diminished Value refers to the loss in value of a vehicle after an accident.
What is Diminished Value after as accident?
Diminished Value Claims are not covered in Ontario because it’s a no-fault auto insurance jurisdiction.
Diminished Value Claims are only eligible in the provinces of Alberta, Saskatchewan and British Columbia. They are usually never claims because you have to sue the at fault third party for damages in order to receive your diminished value claim.
The United States of America has the best Diminished Value Claims system. You can usually apply for damages for diminished value through the at-fault 3rd party’s insurance.
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Diminished Value Facts
Compensation for loss in vehicle value is readily available in the USA but not in Canada.
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