Is diminished value owed in GA?
In Georgia, insurance companies must compensate you for the diminished value of your property following an accident, but claimants must also meet certain qualifications to be able to claim this compensation. If you are considering filing a diminished value claim, speak with an attorney.
How is diminished value calculated in Georgia?
The worth of an older vehicle is usually smaller than that of a newer car. The diminished value is calculated by multiplying the changed base loss of value from stage three by the required mileage multiplier.
How do diminished value claims work?
A diminished value claim compensates a driver for the drop in a car’s resale value after an accident. If you’ve been in a car accident, your car is now worth less than it was before the damage. Even repaired, the car is now considered to have an accident history. This makes its resale value lower in the eyes of buyers.