Avada Financial Advisor

How much can one car accident reduce a vehicles CARFAX value?

What is Diminished Value?

When your vehicle is involved in an accident, its value is reduced. If you decide to resell or trade it for another vehicle, your vehicle’s history will show that it has been in an accident. This will reduce the value you will get for your car. The lost value is what is referred to as the diminished value. It is the difference in your car’s value or market price before and after an accident.

Source: https://www.jdpower.com/cars/shopping-guides/how-to-calculate-diminished-value

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Why do I need Diminished Value Coverage in Ontario?

Since Ontario introduced its “no fault” auto insurance regime in 1990, s. 263 of the Insurance Act has barred claims for recovery of damages to an insured’s automobile, to its contents and for loss of use against anyone other than the insured’s insurer.

Source: Miller Thompson

The answers to your Diminished Value Protection questions

If you can’t find the answers to your questions here, please give us a call at 1-800-265-1657 or speak directly with your broker.

How do I get 90 days free?

Simply fill in all the information on the homepage and you will receive an estimate of your projected Diminished Value if your involved in an accident and 90 days free coverage;

How do I extend coverage beyond 90 days?

You can talk to your broker to get a quote beyond 90 days or set up a monthly digital renewal;

How much does it cost after 90 days?

Diminished Value Protection is very affordable and the average cost is only $9.95 per month including taxes. Pricing is based on the age of your vehicle and purchase price. Newer vehicles with a higher price will have a higher diminished value after an accident;

How much am I covered for?

You can purchase Diminished Value Protection up to $30,000 for no-fault accidents;

How do I cancel?

You can cancel at anytime by contacting us at 1-800-265-1657. Refunds will be based on a short rate less any administrative fees;

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