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It is universally acknowledged, in every state, that Diminished Value is owed by the liable (at-fault) party that caused the Diminished Value damage. If the liability insurance carrier for the at-fault party owes for repairing your damaged vehicle, they owe for the Diminished Value as well - It's just that simple !
While it has been universally accepted that Diminished Value is owed to not-at-fault victims (3rd party claimants), courts are generally taking the position that insurance companies do Not owe Diminished Value damages to their own insureds under their policy's Collision or Comprehensive coverages. However, there are three states where insurance companies Do owe Diminished Value to their own policyholders - Georgia, Kansas and North Carolina.
Answer:Yes. You need to file suit in the county in which they are registered, check with the secretary of state. Take them to small claims court and have an independent appraiser testify as an expert witness.
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Will your insurance company pay you a diminished value if accident is your fault?
No, if it is your fault you are not eligible to received diminished value from your insurance company. It has to be a third party claim, ie the party at fault's insurance company pays the damages if you can recover them.
Does Nebraska have diminished value laws?
Nebraska is a diminished value state, which means you may be entitled to the diminished value of your vehicle after an auto accident. The statute of limitation on diminished value claims in Nebraska is 4 years, and Nebraska does not have uninsured motorist coverage for diminished value. You can't submit a Nebraska diminished value claim if you were the at-fault party in an accident, or if the damage was caused by something other than a collision.Nebraska Statute Of Limitations: 4 YearsUninsured Motorist Coverage: NODiminished Value For At Fault Party: NO
What are the statues of limitions for diminished value claims in Florida?
You have four years from the date of the accident to file a DV claim in Florida.
How do you calculate diminished value?
Diminished value is figured by the original market value prior to the loss compared with the market value after being repaired. Diminished value is what the vehicle has lost in value according to reliable market analysis conducted by a third party, NOT the insurance company. Diminished Value is the difference between the vehicle's pre-accident cash value and the post-rapair cash value. You can for example look at NADA and get the trade-in value in both clean and average conditions, you can also use kbb and edmunds. If you are fighting with an insurance company, you need an appraiser to give you a uspap compliant auto appraisal report, try the related links if you live in Georgia.
What are the diminished value laws in Pennsylvania?
Pennsylvania Statute Of Limitations: 2 YearsUninsured Motorist Coverage: NODiminished Value For At Fault Party: NO
What are the diminished value laws in PA?
Pennsylvania Statute Of Limitations: 2 YearsUninsured Motorist Coverage: NODiminished Value For At Fault Party: NO
What are the diminished value laws in Illinois?
Illinois Statute Of Limitations: 5 YearsUninsured Motorist Coverage: YESDiminished Value For At Fault Party: NO
Are there diminished value laws in Illinois?
Illinois Statute Of Limitations: 5 YearsUninsured Motorist Coverage: YESDiminished Value For At Fault Party: NO
Are there diminished value laws in KY?
Kentucky Statute Of Limitations: 5 YearsUninsured Motorist Coverage: NODiminished Value For At Fault Party: NO
Does Tennessee have Diminished Value Law?
Tennessee Statute Of Limitations: 3 YearsUninsured Motorist Coverage: YESDiminished Value For At Fault Party: NO
What are the diminished value laws in KY?
Kentucky Statute Of Limitations: 5 YearsUninsured Motorist Coverage: NODiminished Value For At Fault Party: NO
Where is the law for diminished value in Arkansas?
Arkansas Statute Of Limitations: 3 YearsUninsured Motorist Coverage: YESDiminished Value For At Fault Party: NO
