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Will My Insurance Pay for a Loss In My Car’s Value if it Is Damaged In a Collision? Diminished Value Explained What Is Diminished Value? After a vehicle has been involved in a major accident and has been repaired, depending on its age and condition, the resale value may be less than if it had not been damaged. In other words, potential buyers may believe the repairs, even if they meet the highest standards, have not restored the vehicle to its pre-accident condition and will be unwilling to pay as much for it as a result. This perceived financial loss is known as diminished value .   (In fact, older model cars that have been damaged and repaired may actually be worth more because new parts have been substituted for many of the old parts.)   Diminished value claims generally apply to auto insurance policies but can also pertain to a property insurance policy covering real estate.    Will My Insurance Policy Pay for Diminished Value? ...

Can I drive legally without insurance? NO! Almost every state requires you to have auto liability insurance. All states also have financial responsibility laws. This means that even in a state that does not require liability insurance, you need to have sufficient assets to pay claims if you cause an accident. If you don’t have enough assets, you must purchase at least the state minimum amount of insurance. But insurance exists to protect your assets. Trying to see how little you can get by with can be very shortsighted and dangerous. The insurance industry and consumer groups generally recommend a minimum of $100,000 of bodily injury protection per person and $300,000 per accident since accidents may cost far more than the minimum limits mandated by most states. If you've financed your car, your lender may require comprehensive and collision insurance as part of the loan agreement. For more information, see  Automobile Financial Responsibility Laws .