Diminished Value Insurance Coverage

What is Diminished Value Insurance Coverage?

Auto Haulers need additional insurance coverage when it comes to the vehicles they haul. Their cargo insurance will only cover repairs if a car is damaged in an accident, being removed from the trailer, etc. What it will not cover is the loss that a car dealer takes when the value of the brand-new damaged vehicle after it was repaired. This is where Diminished Value Coverage comes in, which will account for the actual or perceived loss in market value or resale value.

Who needs Diminished Value Insurance Coverage?

Diminished Value Insurance Coverage typically applies to Auto Haulers that are transporting new cars to dealers or high-end vehicles.

Questions about this coverage or a policy?

If you have any questions about this coverage or you are unsure what kind of coverages you need for your business, please contact us.

What are the requirements for Diminished Value Insurance Coverage?

Diminished Value Coverage could vary from state to state. There are a lot of factors that come into play when determining if the coverage will apply in an accident. In most states, if you are at fault in the accident, the Diminished Value Coverage will not apply.

Diminished Value Insurance Coverage Example

Why do you need it?

Ok, let’s say you start a business hauling cars. You get started, you are getting a lot of contracts and everything is going great. Then as you are hauling a load of vehicles to a dealer, someone cuts you off, clips your truck, and causes you to lose control. Two of the vehicles were damaged in the accident.

You are good for the damages to the vehicles since you have cargo coverage insurance but since you decided to skip the Diminished Value Coverage to save on your insurance premiums, you are not going to be covered for the loss in value to those two vehicles.

As a new business, you are in a very tight spot financially, which could lead to having to close your business.

Our Knowledgeable team

Holly Turner

Agency Supervisor

Holly can educate you on commercial truck insurance no matter what you are hauling. We assist long-haul and short-haul truckers, Hazmat Carriers, Fleets, etc.

Zachary Wagner

Account Manager

Zach is dedicated to serving all of his clients to the best of his ability. He will always shop his clients to maintain the lowest possible premiums with the best coverage.

Erica LeBlanc

Renewal Specialist

Erica is our Renewal Specialist so there is a good chance that you will be speaking with her when your renewal comes up. She is professional, knowledgeable and fully capable of answering any questions you have.

CNS Insurance employees

Get a Quick Quote

Let our commercial truck insurance specialists provide a quote to our preferred markets.

Coverage Questions?

Are you concerned about what coverage you need.

Have a question?

Our Commercial Truck Insurance Specialists are happy to help.

Fill out your information and we will get back with you by email or phone in 24-48 hours.