Can I receive diminished value compensation for damage done to my new car?
Question Details:
I was recently in an accident where the other driver was found at fault (there were no injuries thankfully). However my car is brand new (2011) with not even 1000 miles. Is there any way to receive a diminished value settlement in CT if it's not "totaled"?
The answer is Yes. Diminished value law has been around in Connecticut for about 70 years. The measure of your damage is the difference between what your car was worth before the accident vs. its value after it has been repaired. The problem is that making a 3rd party claim for under this premise can be very difficult for the regular Joe, and most insurance companies will reject it or offer you a nominal settlement opportunity. However, an attorney can guide you through this process and people have been very successful in Connecticut over the past few years. If you check my profile you will find links to the web site and Connecticut diminished value blog and other useful information on this subject.
These type of suits are suits based upon the premise that the insured is not made whole by payment of the insurance company of the actual cash value of the property or the cost to repair the loss. These suits have been cropping up in recent years under claims of "bad faith" as against the insurance companies. But your policy itself may indeed be the limiting factor here. If these type of claims have been successful in your state the best person to know and understand the application of the law is an attorney in the field of tort and/or contractual litigation. Therefore, I would seek a definite answer from an attorney A consultation on the issue - with a copy of your policy - would be best. Good luck.
