0
Does an insurance company have to pay diminished value after repairs on a liability claim?
Wiki User
∙ 8y ago
Currently, there is no absolute answer. Whether diminished value is recoverable depends on several factors. The initial question to answer is in which U.S. State did the accident occur? The second is whether you are the at-fault driver or the person who was hit.
Whether you can recover diminished value for your automobile depends on each state's law -- and different legal principles apply if you seek to recover as the victim of the accident or the at-fault driver. As a general rule, your right to recover from the person who hit you is governed by tort law (think negligence). If you try to recover for the decreased value of your own car as the at-fault driver, your ability to collect is typically governed by contract law.
Please realize I have provided this for information purposes and it should never be considered a substitute for legal advice.
The bottom line is If you were not At Fault in the accident, the at-fault party (or their insurance company) owes you money. This is true in all 50 states. There is over 75 years of case law to back that up. If you live in the state of Georgia,Kansas, North Carolina and Washington you can also collect your diminished value from your own insurance company, whether you were at fault in the accident or not. This is based on a class action lawsuit in 2001 (Mabry v State Farm).
:
Do I Qualify?
Georgia courts have said that vehicles involved in an accident suffer a reduction in value.
The courts have said that efficient repair of any vehicle damaged in an accident may not have returned that vehicle to its pre-accident condition.
QUALIFICATION CRITERIA:
The vehicle has current market value.
The vehicle does not have a branded or salvage title.
The vehicle was not declared a total loss.
The accident happened less than 18 months ago.
The vehicle is NOT a lease.
FAST FACTS:
In Third Party Diminished Value Cases you can file in every state except for Michigan
In Georgia,Kansas, North Carolina and Washington it makes no difference who's at fault when filing a DV claim.
Your insurance rates will NOT go up due to a Diminished Value payout.
By law, insurance companies are required to pay Diminished Value.
You don't need to hire an attorney to help you collect Diminished Value.
The insurance company cannot drop you for collecting Diminished Value.
$15,000 is the maximum you can sue for in a GA small claims court.
You can deduct diminished value off your taxes. See IRS form 4684.
Wiki User
∙ 8y ago
Add your answer:
Earn +20 pts
Insurance for mobile mechanic repairs?
You need commercial General Liability Insurance
What happens to a car that's declared totaled by the insurance company?
If you want to keep a totaled car, the insurance company will determine the salvage value and deduct that from your settlement check. You can still get liability insurance (if there are no safety issues related to the damage), but not collision or comprehensive unless you have the repairs made.
Can you refuse to have an insurance company carry out repairs to your van and do them yourself after an rta?
after an insurance company is involed after a road traffic accident can i refuse thier offer and do the repairs myself
Does a car dealership have liability for your car being broken into while in their shop for repairs?
yes their insurance covers it
If you are driving someone else's car does your liability insurance pay repairs to the vehicle you are driving?
No, liability insurance is when there are injuries involved. If you are injured in an accident when someone else is driving your car, your liability insurance would cover your medical costs. Comprehensive and collision insurance on the car you were driving should pay for damages to the vehicle.
What can you do if you have liability insurance and the car that hit you has not been found?
If all you have is liability, you will have to pay for your repairs yourself. If the hit & run driver is caught, you will probably have to sue to get reimbursed.
Are tere more than one kind of pl and pd insurance for your car?
PLPD Insurance is personal liability and property damage insurance. This is an economical type of insurance where the insurance company will pay for repairs and damage done on another persons vehicle if you were found to be at fault in the car accident. There are different levels, or kinds, of this insurance.
How do I Collect the depreciation from Homeowners insurance claim?
If you want to collect the depreciation your insurance company withheld from your claim payment you must make the repairs to your home. After you make the repairs contact your insurance company and they should issue a check for the depreciation.
If you are in an accident where other driver is at fault and their insurance is covering car rental what can you do if insurance stops paying for car rental but car is still in shop being repaired?
Ask the insurance company why they are no longer paying the rental bill. If they have accepted liability the only reason they would stop paying would be due to the repair shop taking excessive time to complete the repairs. (In the insurance company's opinion). Although you will be roped into this, it should be between the insurance company and the body shop. If the insurance company won't budge ask the repair shop to pick up the remainder of the rental bill until repairs are complete. This is common in this industry.
Can you do the home repairs yourself and get paid by homeowners insurance?
Just contact your Home Insurance Company and ask them about it. Many companies are fine with this for small claims or minor repairs.
Does homeowners insurance cover utility poles damaged on your property by a car?
No, You just need to call the utility company. They will take care of their pole. If a car hit the pole, The drivers auto liability insurance could pay the utility pole owner for the cost of repairs.
What describes property damage liability insurance coverage?
Property damage liability is the coverage section of your liability auto insurance that will pay for physical damage to the vehicle or other property of another person if you are At Fault in an auto accident. This coverage would pay for repairs of the person's car or whatever else is damaged.
