What does Diminution In Value Auto mean? Read on to discover the definition & meaning of the term Diminution In Value Auto - to help you better understand the language used in insurance policies.
Diminution In Value Auto
A measure of the perceptual and/or actual lost market value for automobiles involved in major accidents, even if the automobile or vehicle is repaired properly. This lost value is particularly relevant for newer and higher-value vehicles. Most states do not recognize an automobile insurer's obligation to indemnify for this type of loss.
We hope the you have a better understanding of the meaning of Diminution In Value Auto.