What to do if I was recently the victim of a hit and run and the driver who hit my parked car took off?

He was found a mile away. My car has major damage to the rear-end. I am trying to ask his insurer about the diminished value but they are saying it is not recognized in the state by the insurance commission. What are my options? My car had a good resale/trade in value..

Asked on August 16, 2013 under Accident Law, New Jersey

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 7 years ago | Contributor

Unfortunately, you cannot generally recover diminished value due to the fact that a car had an accident. All you can recover is the lesser of:

1) the cost to repair, if the car is repairable; or

2) the then-current fair market, or "blue book," value, if the car cannot be repaired and must be totaled;

plus any direct, out-of-pocket costs, such as towing charges, renting a car while yours is in the shop, etc.


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