Diminution in value (auto)

{
  "id": "MLC-T-INS-001158",
  "term": "Diminution in value (auto)",
  "field": "Insurance and risk management",
  "definition": "The reduction in a vehicle's market value after it has been damaged in an accident and subsequently repaired, even if the repairs are of high quality. This loss of value occurs because the vehicle now has an accident history, which can deter potential buyers or lead to a lower resale price. Some auto insurance policies may offer coverage for this type of loss.",
  "subject": "Personal Lines",
  "url": "https://mlchart.com/terminology/insurance/diminution-in-value-auto/"
}