Is an insurance company obligated to pay for the diminished value of a car after it has been in an accident?
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Is an insurance company obligated to pay for the diminished value of a car after it has been in an accident?
Asked on February 12, 2013 under Accident Law, Texas
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
You need to stand your ground here but before you do, read your insurance agreement and the contractual provisions regarding when an accident is your fault or not your fault and the method the insurance company will use. Either you will get the lesser of replacement cost or repair cost or if it is a total loss, it will be the value of the car up to the point of accident (think Blue Book values and the like).
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