This is how things used to be and what the insurance companies want you to believe, but it no longer works that way in in today's information-overload age.

Put yourself in the buyer's shoes: You're in the market for an interesting classic and have narrowed it down to a specific make/model. You're lucky enough to find two examples near to where you live and you go to see them both; they're both equally-well optioned and both in great condition. You start your due diligence by having a pre-purchase inspection done on both by your favorite mechanic, who really knows the brand, and the mechanic says they're both in tip-top shape. Next, you go to the Internet and run Carfax reports on both, and one comes back showing accident damage, while the other is completely clean.

If both cars are the same price, which one would you buy? Yes, me too - the one with the clean report. The owner of the one showing damage on its report is going to have to lower the price in order to incent you to buy it. This is diminished value.

In some cases, if the car is rare enough and a buyer is unlikely to find two examples on the market at the same time, or if you're not planning to sell the car any time soon, the diminished value may be insignificant, but in other cases it can be a real problem.

Bolomeister - read the article and take whatever action you think is appropriate, but it's no too late to do something if you believe the diminished value is enough to make pursuing a claim worth your while.

Best Regards,
Rob

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Robert Fini

'12 ML350 BlueTec, 100k
'06 E320CDI (x2)
'05 T1N Sprinter 2500/Pleasure-Way Plateau TS, 70k
'97 C36AMG, 319k (son's)
'94 E320T, 249k
'93 190E Sportline LE, 168k (daughter's)
'84 190E-2.3/5spd (Stage Rally Racer)
'66 230 W110 Sedan (Barn Find, Vintage Racer build in progress)