- Diminished Value Insurance
Protect Your Vehicle's True Value?
When a vehicle is damaged in an accident and repaired, its resale value drops. LossPay covers the gap that traditional auto insurance ignores.
- Covers pre-accident vs. post-repair value gap
- Enroll in minutes — coverage starts fast
- 30-day average settlement after repairs
- The Hidden Cost
The true cost of an accident goes beyond repairs.
Even when a vehicle is expertly repaired after an accident, its market value can decline simply because the damage becomes part of its history. This loss, known as diminished value, can reduce resale or trade in value by thousands of dollars, even when repairs are completed properly.
LossPay addresses this hidden financial risk with specialized protection designed to restore the value that can disappear after a qualifying repair event. The result is a simple, reliable way for vehicle owners to protect the equity in their vehicle.
Diminished Value Gap — Covered by LossPay
Traditional insurance leaves this uncovered. LossPay doesn't.
- Coverage
Diminished Value Coverage
Protection against the loss of resale value a vehicle suffers following accident repairs. We cover the gap between your vehicle’s pre-accident and post-repair market value.
What's Covered
- Covers the gap between pre-accident and post-repair market value
- Applies after any covered accident with third-party repairs
- No out-of-pocket costs when a covered claim is filed
- Works alongside your existing auto insurance policy
- Why Choose Us
Why choose LossPay coverage?
01
Financial Protection Against Diminished Value
After an accident, your vehicle's value often drops, even if it's repaired to its original condition. LossPay covers the difference between your vehicle's pre-accident and post-repair market value.
02
Coverage Beyond Repairs
Traditional policies often fail to cover the financial hit from diminished value. LossPay fills this gap, ensuring holistic financial recovery — not just from physical damage but also from financial depreciation.
03
Peace of Mind & Financial Security
With LossPay, you gain an extra layer of security that standard auto insurance doesn't offer. Knowing that diminished value is covered alleviates concerns about financial losses after an accident.
- Claims Processing
Streamlined claims, faster settlements.
Navigating diminished value claims can be complex. At LossPay, we streamline the entire process for you.
Comprehensive Claim Assessment
Expert evaluation of your vehicle's post-accident value loss, ensuring accurate claims.
Submission & Tracking
Simplifying the submission process and providing real-time updates on your claim status.
Dedicated Support
Ongoing support and guidance to help you through every step of your claim journey.
- Testimonials
Real stories, real protection.
Before the accident, I never thought that a damaged car would be worth less when sold. LossPay made sure I was fully compensated.
Policyholder
★ ★ ★ ★ ★
I've had my car for 10 years and didn't know auto insurance doesn't cover unrealized losses. LossPay filled that gap.
Verified Customer
★ ★ ★ ★ ★
I'm glad I found out about impairment loss before an accident occurred. The enrollment process was incredibly simple.
Verified Customer
★ ★ ★ ★ ★
Check diminished value insurance rates today.
Protect your vehicle’s value before an accident happens. Get your personalized quote in minutes.
- FAQ
Questions? We have answers.
Why Do I Have To Maintain Full-Coverage Car Insurance?
We require all policyholders maintain a primary Comprehensive Full-Coverage insurance policy to ensure the covered vehicle will be repaired in a timely manner so we can determine the most accurate loss in value. This allows us to settle claims faster and accurately. Failure to maintain a full-coverage policy will result in LossPay policy termination and/or denial of claims.
Are There Accident Reporting Limits?
Yes. Policyholders have a 21-day (calendar days) grace period to report an accident to LossPay. If a policyholder is unable to file an accident report due to medical injuries or extended hospital stay, supporting documents may be required to settle a claim.
How Long Does It Take To Receive Settlement?
Typically it takes approximately 30 days after vehicle repairs are completed to receive settlement payout.
How Long Does It Take To Get Coverage For My Car?
In most cases you can enroll in a couple of minutes by answering a few straightforward questions. We may need to request additional information to fully confirm coverage and issue you with your final policy documents and declarations page, but this should take only a few days. We will provide you with a temporary binder as evidence of cover in the interim.