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The inability to use an automobile, premises or some equipment due to damage to a vehicle, premises or articles caused by the negligence or other wrongdoing of another. Loss of Use can be invoked after an auto accident and is an insurance claim that provides reimbursement for a rental vehicle. The time frame of LOU starts when the vehicle is undriveable due to damage at the time of accident. All policies should include LOU coverage, along with collision and comprehensive plans. This insurance is there to temporarily help you maintain a standard of living while your vehicle is being repaired. The insurance company owes you a per diem amount toward reasonable substitute transportation in the absence of your vehicle due to accident damage.

After an accident, your car’s resale market value will decrease. Diminished value is the difference in your car’s market value before and after an accident. If you try to resell your vehicle after an accident and even though repairs have been carried out, Carfax and similar Federal reports will show that it has been involved in an accident, which will reduce your car’s resale market value. A diminished value claim can help recover the resale costs. There are three types of diminished value. Each type specific to the depreciation in the cost of your vehicle after an accident:

This is the most common and accepted form of auto accident diminished value. Inherent diminished value occurs when a vehicle loses value because it now has a history of damage, which is indicated in the car’s Federal history reports. This type of diminished value assumes that the vehicle’s repairs were of optimal quality and represents the amount the vehicle’s worth will decrease given the accident history.

This type of vehicle's diminished value represents the difference in resale value immediately after an accident and before the vehicle damage is repaired. This type of diminished value is rarely used when filing a diminished value claim.

This refers to the loss of the vehicle’s value based on low-quality repairs performed after an accident.

Confer with the at-fault insurance company and inquire where the Diminished Value web portal is located to file your claim.