Diminished Value Claim Assessment
Structured evaluation of potential vehicle value loss following qualifying repair events.
⊙ LossPay uses a structured claims evaluation process designed to determine whether a qualifying repair event may have resulted in measurable diminished value, subject to policy terms and conditions.
⊙ Even when repairs are completed to a high standard, vehicles may experience a potential reduction in resale value because accident history becomes part of the vehicle's permanent record.
⊙ LossPay evaluates this potential impact using verified vehicle data, repair documentation, and market valuation benchmarks. Outcomes vary by claim.
⊙ Diminished value is defined as the estimated difference between the vehicle's resale value immediately before the accident and its resale value after repairs have been completed.
Claim outcomes and timelines vary based on documentation, repair verification, coverage terms, and individual claim circumstances. No specific outcome is guaranteed.
Process
How the Claims Assessment Works
Claim Intake and Verification
LossPay confirms policy eligibility and verifies that the reported incident meets the definition of a qualifying repair event under the policy.
Documentation Review
Supporting documentation is reviewed to confirm the accident, repairs, and vehicle condition. Additional documentation may be requested if required to complete the evaluation.
Vehicle Data and Market Analysis
The vehicle is analyzed using VIN-based data and market valuation inputs to determine pre-accident and post-repair market value.
Claim Determination
LossPay determines whether a covered diminished value loss exists under the policy, based on the assessment results, policy terms, conditions, deductibles, and coverage limits. No specific outcome is guaranteed.
Payment Processing
If a qualifying claim is approved under the policy terms, payment may be issued after the assessment is completed and proof of loss requirements have been satisfied, subject to applicable deductibles and coverage limits.
Important Coverage Information
Please review before filing a claim
- LossPay coverage applies only to diminished value resulting from a qualifying repair event.
- This policy does not cover physical damage repairs and does not apply when a vehicle is declared a total loss by the primary insurer.
- All claims are evaluated according to the terms, conditions, exclusions, and limitations contained in the issued policy.