Your car is less than 2 months old and you got hit in the rear which caused extensive damage but not enough to total you heard the value of the car will diminish what legally can you do about that?

Answer 1

Diminishment in Value is actually most often a matter of perception. Some will perceive a diminishment simply due to an accident having occurred. If the responsible party repairs the vehicle to pre accident condition then there is no actual diminishment in value. As relates to Loss of value, a "Perceved Loss" is not an "Actual loss", this is why most insurers do not address it. As an example many people will perceive a high mileage used vehicle to be of lesser value than a lower mileage used vehicle. Again, This is a matter of perception and has little to do with reality or the used vehicles actual value. The more important factor is how the vehicle has been maintained throughout it's life. the higher mileage vehicle if well maintained, regular oil change and tune ups any problem were promptly addressed, etc. will often have much more expected remaining life than the same vehicle with lower mileage that was poorly maintained by it's owner. what you are talking about is a deminshed value claim...in most states first party (the insured) are barred from deminished value claims...this is a sticky and still up in the air claims concept in many states.......the company i work for in the state i am in (MO) do not pay any deminished value claims...on the theory that if a vehicle is repaired to pre-accident conditon then there is no deminishment.........of course there are sooooooo many variables...i would contact my states department of insurance, (you can get this number from your insurance company or 800 directory assistance should have it), and ask if your state allows these claims..........sorry couldn't help much more........more info and maybe i can be of better assistance.......