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Does having several accident claims on your vehicle decrease the value of your car? My SUV has had eight.

Yes, if these accidents and repairs are listed on your vehicle history where a person could find them by running a report, such as CarFax, on your vehicle and see them then it would decrease the value of your vehicle.

If the vehicle has been totaled out at any point then the salvage or rebuilt title on it would also decrease the fair market value of your SUV since it would typically mean that your car was in a major accident.

Even if your accidents and claims for damage are not found on your SUV's vehicle history if when you sell it a potential buyer asks you about accidents or previous damages you would need to tell them about any repairs if you were to be honest.

Some states may allow you to claim depreciation, also known as diminished value, as part of a car insurance claim but many do not.

Diminished value (DV) is a term used, in regards to auto insurance, to mean the difference between what your car was worth before and after a car accident. Since your claims have already been made for damages to your SUV that you have previously suffered it would normally be too late but in general if you can show that due to an accident to your vehicle will suffer from diminished value you might be able to negotiate with the insurance company for DV.

How successful one will be with obtaining money for DV largely depends upon the state laws of where they live. Several states, including Georgia, have had judges rule that insurers must compensate insureds for any real loss of value from an accident. There are also many states, such as Texas, that believe that DV is not necessarily true if the car is repaired properly and thus does not allow for DV.

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This car insurance question was asked on 4/1/2008
This auto insurance answer was last updated on 4/10/2008
Christy R requested this car insurance solution.
Rated 0 out of 10 based on 0 votes.
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