“Diminished value” is the term used to describe the loss of value after a vehicle is involved in an accident. Take for example, two identical vehicles. Same make. Same model. Exact same equipment, color, options, and mileage. Now … imagine that one was in an accident and the other never was. Which is worth more [...]

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As soon as you start driving off the dealer’s lot, your new car’s value drops. If your vehicle gets into an accident or is stolen, your insurance company will only pay you what it’s worth, not what you owe for it. Gap insurance can change that.

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The number of auto accidents is decreasing — and that’s a trend both drivers and auto insurance companies are happy about. As a result, many consumers could see a decrease in their auto insurance premiums this year.

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A recent compilation of statistics on first and third party Diminished Value (DV) claims revealed some interesting information.

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The statistics about teenage drivers aren’t good. According to the Insurance Institute for Highway Safety (IIHS), 16-year-olds get into accidents almost 10 times more often than drivers between the age of 30 and 59. No wonder car insurance premiums are so high for this age group.

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