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New Jersey Diminished Value

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New Jersey Diminished Value Claims

If you’ve had an accident affect the value of your car, don’t let that value be lost. Though the diminishing value rate is different for each car, most people don’t realize how much they can recover from a claim of value on their damaged car. New Jersey is a diminished value state, which means you may be entitled to the diminished value of your vehicle after an auto accident. It’s important to note that determining the diminished value often requires a professional appraisal value claim to accurately assess the impact of the accident on your vehicle’s worth. The statute of limitation on diminished value claims in New Jersey is 6 years, and New Jersey does have uninsured motorist coverage for diminished value. You can’t submit a New Jersey diminished value claim if you were the at-fault party in an accident, or if the damage was caused by something other than a collision. You can see if you qualify for a diminished value claim by filling in the claim review form above.

***BREAKING NEWS! On 2/28/2019 the New Jersey Court of Appeals finds that diminished value claims are payable in addition to the cost of repairs in 3rd party claims. That means that if you were not at fault in the accident, you are entitled to be paid for the loss of value (Diminished Value) of your vehicle after the repairs are completed. You can read the courts decision by Clicking Here.

New Jersey Diminished Value Claim Info

New Jersey Statute Of Limitations: 6 Years
Uninsured Motorist Coverage: YES
Diminished Value For At Fault Party: NO