Diminish value of car

by Janice

I have a 2006 maxima sedan ls bought it brand new and fully loaded, it has 10,000 miles on it. It is paid off in full.

The accident was caused by me trying to avoid hitting a animal.

Now my car is worth 11,000 less, Can I get any money from the insurance co. for the loss of the value of my car, They haven't even taken a statement from me about the accident, they just say I"am at fault. Anything i can do?

Answer:

Hello Janice,

Well, probably not. Sometimes when you have a loan you have the option of purchasing Gap insurance, which would cover the 11,000 depreciation that you owe in a loan, but since your car is paid off, chances are you do not have any type of protection.

Most auto policies (and your probably) will only pay you for the fair market value of the car. The value of the car the day that the car was hit. This leaves you substantially less money that what you paid. It does not matter that you bought the vehicle a week before or 5 years prior.

The reality is that most insurance companies have effectively excluded this argument in the policy. You can argue diminished value against a person that hit you and caused you this damage, but in this case, your insurance company is saying that it is your fault. So you are put in a very hard position.

The best thing you can do is check your policy and see if there is language there that might help you recoup your depreciation. If you do not have your policy, contact your agent.

Good Luck,

http://www.auto-insurance-claim-advice.com