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re: Anyone made a diminished value claim on a vehicle?
Posted on 10/7/15 at 9:10 am to Austin Cajun
Posted on 10/7/15 at 9:10 am to Austin Cajun
quote:
Why not?
Because diminution of value is generally not allowed when dealing with your own insurance company. Your policy will likely define loss as replacement or repair; it will not have dv in that definition.
When dealing with a 3rd party's insurance company, there is no contract defining the telationship. In that case, state law "defines" what is allowed
1
Posted on 10/7/15 at 9:14 am to Austin Cajun
quote:welcome to the suck.
Why not? Obviously the value of the truck is diminished and I wasn't the at fault driver. I'm not going to be out a few grand for something I didn't cause
thanks obama
Posted on 10/7/15 at 7:21 pm to TSLG
You wrote: When dealing with a 3rd party's insurance company, there is no contract defining the telationship. In that case, state law "defines" what is allowed.
There is no state law in any state that deals with third-party diminished value, only first-party diminished value.
Third-party diminished value is allowed simply because the liability portion of the responsible driver's insurance company agrees to compensate you for the loss.
There is no state law in any state that deals with third-party diminished value, only first-party diminished value.
Third-party diminished value is allowed simply because the liability portion of the responsible driver's insurance company agrees to compensate you for the loss.
Posted on 10/7/15 at 7:22 pm to Austin Cajun
You won't get it.
Can only get that from the other ins. company.
Can only get that from the other ins. company.
Posted on 10/7/15 at 7:49 pm to VetteGuy
It took a lot of effort to get the other parties insurance company to pay a fair DV claim. Had a brand new F150 that had over $15k in damages. I had to pay a 3rd party appraiser to inspect the vehicle and provide a statement of loss. Instance company did the same thing and came up with low ball offer. We went back and forth and settled somewhere in the middle. Got around $3k back
Posted on 10/7/15 at 9:00 pm to DIMINISHED
quote:
There is no state law in any state that deals with third-party diminished value, only first-party diminished value.
The liability insurer is not choosing what to pay; state law allows for recovery of certain damages. If the damage is allowed, and owed, then the person claiming the damages can collect.
Under um, collision, comprehensive, etc claims, the policy will be the "law" between the insurer and the insured.
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