Diminshed Value in Texas

[celiadanae]

What is the name of your state? Texas

Could someone please tell me if I have the right in the state of Texas to seek Diminished Value from the insurance company (Allstate) of the 16 year-old who was at fault in a wreck involving his truck and my SUV? There was $7,200 worth of damage to my SUV that was only 4 months old. It will always show up on the report as being wrecked if I ever try to sell it. If I can seek Diminished Value, how do I determine how much to ask his insurance company for? Thanks so much.

 

[Lynx 36]

Quote: "If I can seek Diminished Value, how do I determine how much to ask his insurance company for? Thanks so much.

You can seek diminished value but it is doubtful you would get it.

 

[Happy Trails]

What is the name of your state? Texas

Could someone please tell me if I have the right in the state of Texas to seek Diminished Value from the insurance company (Allstate) of the 16 year-old who was at fault in a wreck involving his truck and my SUV? There was $7,200 worth of damage to my SUV that was only 4 months old. It will always show up on the report as being wrecked if I ever try to sell it. If I can seek Diminished Value, how do I determine how much to ask his insurance company for? Thanks so much.

It would depend on what your policy states.

After reading a quite lengthy case of AMERICAN MANUFACTURERS MUTUAL INSURANCE COMPANY, ET AL. v. GARY SCHAEFER
Case #
No. 02-0295

Gary Schaefer was denied Diminished Value for his vehicle. The courts stated, "But we may neither rewrite the parties= contract nor add to its language."

At link:

http://www.supreme.courts.state.tx.us/historical/2003/oct/020295.htm

But take a look at the footnotes, there are some cases that DV was substantiated.

But again it will depend on the wording of your policy.

 

[jcook7066]

AMMIC v.Schaeffer was a first party dispute. In Texas, you can make a DV claim against another persons insurance policy, but not against your own policy. Keep in mind that you are delaing with Allstate, so don't expect much.

 

[Happy Trails]

AMMIC v.Schaeffer was a first party dispute. In Texas, you can make a DV claim against another persons insurance policy, but not against your own policy. Keep in mind that you are delaing with Allstate, so don't expect much.

I agree, also that is why the footnotes were interesting to me.

[2] Schaefer also sued Kemper National Insurance Companies, Lumbermen=s Mutual Casualty Company, American Motorists Insurance Company, and American Protection Insurance Company. All claims against these companies were dismissed and they are not parties to this appeal.

[5]We note that the Texas Department of Insurance recognizes this distinction in interpreting an insurer=s obligation under the standard policy to pay diminished-value damages. After stating its position that Aan insurer is not obligated to pay a first party claimant for diminished value,@ the Commissioner states:

An insurer also may be obligated to pay a third party claimant for any loss of market value of the claimant=s automobile, regardless of the completeness of the repair, in a liability claim that the third party claimant may have against a policyholder.

***With that being said run a 'google search' for 'diminished value' and see what you come up with.