Expert: Richard Hixenbaugh - 8/2/2011

Question
Can you make a diminished value claim on an older vehicle? I have a 2001 Toyota Rav 4 that incurred close to $5000 in damage. The insurance company says they typically only take DV claims on high end or recent model year vehicles.

Answer
Hi Chris,

The insurance company will tell you what ever they think will get you to go away. That having been said, diminished value is a function of severity of damage and the age and value of the vehicle. A 2001 Toyota Rav 4 does not have much value to begin with. $5000 in repairs is likely moderate damage. The end result is a diminished value that is likely less than $1000. To find out for sure you should check out a website www.dvassess.com where you can get a basic assessmemt of the diminished value for only $14.95. Then if the amount is worth pursuing, you can upgrade to a printable report.

I hope this helps
Richard Hixenbaugh