Am I entitled to depreciation cost??

[andrewj30]

I was at fault in an accident, I have been told that I am entitled to depreciation cost for my vehicle.How does this wrok? My insurance company has been no help!! The damage totaled 21,000 on my vehicle and I no longer want the car after it is repaired.I have been to car dealers and they say the value of my car has dropped at least 10,000 because it was wrecked.

 

[I AM ALWAYS LIABLE]

My response:

You are only entitled to:

1. Repair costs to bring the vehicle back up to factory specifications; or,

2. If totaled, the "fair market value" of the vehicle, minus collision deductible, on the date of loss.

If the accident had not been your fault, you would have been entitled to a claim for "depreciation of value" from the other person's insurance company. This does not apply, per your own insurance contract however, since the accident was your fault, and you claimed the damages through your own insurance company.

IAAL