Diminished value claims

[cvap]

In Massachusetts, do these type of claims ever work? I was hit head on by distracted driver police report puts all the blame on other driver, says he was distracted but no charges were made. Two dealers said they would not take the car in trade even if they did the repairs themselves. If the car ends up being repaired it will be worth much less than actual cash value and the 4 years + of warrantee left is void. If it is totaled, the blue book is almost 20k less than i paid for the car in December, 5 months ago and only has 2000miles on. Do I have any thing to stand on or should i just bend over!!!

 

[adjusterjack]

Diminished value is not covered under your own insurance policy. (Given v. Commerce Insurance Company 2003.)

Massachusetts has had no case law one way or the other regarding 3d party DV claims (against at-fault drivers) so insurance companies were free to deny or pay as they chose and if denied, the victim would have to sue for the DV. Since there are no appellate decisions on record there is no way of knowing if anybody at the trial level was successful though it is unlikely that any insurance company would pay it unless compelled to or unless the amount was small enough to be "go-away" money.

You are free to sue the other driver and try to convince a judge that your DV is compensable.

Or, you can monitor the DV class action lawsuit currently winding its way through the Massachusetts courts and hope a favorable decision is made within the 3 year statute of limitations on property damage lawsuits.

Here are details about the case:

https://agencychecklists.com/2018/11/27/inherent-diminution-in-auto-value-case-26678/

 

[justalayman]

Your state does allow diminution of value claims. Basically it is a form of damages the at fault party must compensate you for.

You will have to have an appraised value of what the car would be once the physical damages were repaired. You subtract that from the value of your car had it not been in the accident. That is your diminution. Add that to the cost of repairs and that is your damage. If that exceeds the fair market value, you will be owed the fair market value of your car prior to the accident.

If the car is totaled, unless you have gap insurance you’ll owe the balance after the lender recieves the fair market value of the car.

 

[cvap]

My vehicle was finally considered "Total loss", and I was given fair market value plus tax and am satisfied. I just consider it a very expensive 5 month lease. Worst part is they no longer make the vehicle, a Taurus after this year and there are very few across the country to replace mine with, so I bought a Dodge. I consider Geico to be very generous by giving me the Tax and a 1000 dollar bonus off a Fiat Dodge Chrysler car. I can't believe how many people said I was a fool not to go to the hospital and find some kind of injury to get more money for. I am not a liar and couldn't live with myself if I did this.

 

[adjusterjack]

I can't believe how many people said I was a fool not to go to the hospital and find some kind of injury to get more money for.

They are the ones that are fools, not realizing that phony claims raise everybody's rates, including theirs, and then they squeal like stuck pigs.