How does a victim in an accident recover the loss in value to his vehiclecar fax if he chose to use his own insurance to have his car repaired?
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How does a victim in an accident recover the loss in value to his vehiclecar fax if he chose to use his own insurance to have his car repaired?
Victim me used own collision coverage to have car repaired but now concerned
about loss in value to my vehicle after repairs have been completed.
Asked on July 31, 2016 under Accident Law, Colorado
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
There is no recovery for loss of value after the completion of repairs: when a car is damaged by another, at-fault driver, the at-fault driver is liable to pay any repair costs not paid by your insurance; however, he or she is not obligated to pay for your theoretical loss of future value. (It is theoretical becasue you don't know now if or when you will sell the car, or for what amount; therefore, the loss hypothetical or speculative, and the law does not provide compensation for speculative or theoretical losses, only for actual provable ones.)
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