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diminution in value (auto)

A measure of the perceptual and/or actual lost market value for automobiles involved in major accidents, even if the automobile or vehicle is repaired properly. This lost value is particularly relevant for newer and higher-value vehicles. Most states do not recognize an automobile insurer's obligation to indemnify for this type of loss.


Links for IRMI Online Subscribers Only: CAI VIII.G, PRMI 5.G

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